Ackman shorts Simon as hedge against GGP investment

NEW YORK (Reuters) - Hedge fund manager William Ackman said on Thursday that he has a short position in shares of Simon Property Group Inc (SPG.N), the largest U.S. mall owner, as a hedge against his investment in other retail real estate companies, including General Growth Properties Inc (GGP.N).

"I'm short Simon and long GGP," Ackman said at the New York University Schack Institute of Real Estate REIT (real estate investment trust) Symposium.

Being short a stock is a bet that the share price will fall.

"If I find something better to do with my money, I'll sell," he said of his stake in General Growth.

Ackman's Pershing Square Capital Management LP has an economic ownership of 14 percent of mall owner General Growth. He also has a 25 percent economic stake in The Howard Hughes Corp (HHC.N), which was spun off from General Growth as part of the plan for General Growth's emergence from bankruptcy protection in November.

Shelly Doran, Simon's vice president of Investor Relations, declined to comment on what Ackman said.

Shares of Simon were down 0.9 percent at $106.34 in late trading on the New York Stock Exchange. General Growth shares were down 1.5 percent at $15.07.

(Reporting by Ilaina Jonas; Editing by Gerald E. McCormick and Steve Orlofsky)