Bayliss, Shivansh Tiwary (Reuters) -Billionaire investor Bill Ackman said on Monday that he raised his stake in real estate company Howard Hughes, realizing a long-held dream of creating a diversified holding company modeled after legendary investor Warren Buffett's Berkshire Hathaway.

Pershing Square agreed to invest $900 million in the company known for master planned communities, Bloomberg reported. Ackman’s firm will acquire 9 million newly issued shares of Howard Hughes for $100 apiece, a 48 percent premium on the stock’s closing price ahead of the weekend.

Bill Ackman’s Pershing Square reached a deal to invest $900 million in Howard Hughes Holdings Inc., boosting its ownership of the real estate company to nearly 47%.