Buffett’s Berkshire Hathaway, the largest U.S. investor in the global retail sector, on Monday announced it is investing more than $1 billion in a global mall and malling technology company.
Berkshire Hathaways chief executive officer, Warren Buffett, is a major investor in mall companies and is a member of a group of leading investors known as the Index Partners.
Berkshire has invested more than half a billion dollars in mall technology companies in recent years, according to data compiled by Bloomberg.
The investments were made under Buffett’s control, said Warren Buffett spokesman Kevin McAllister.
He declined to provide details of the investment.
Berkshire, which is the largest private-sector investor in retail and a member on the Index, is investing in more than 1,400 companies and in malling, technology and logistics companies, said McAllisters spokesman, Robert McAllis.
Buffett is also a member and board member of the Index Group, which oversees about $2 trillion.
The company, called Berkshire Hathay Global Investors, has already begun hiring and investing, McAlli said.
It plans to start hiring in the first half of next year, he said.
This is the first time a global retail investor has invested in a mall.
Berkshire is investing a total of more than 2 billion dollars, or nearly $1.6 billion, in the company over the past six years, he added.
I am excited to join a team that has made significant progress and continues to lead our global retail industry.
Warren Buffett, chairman of the Berkshire Hathys board of directors, speaks at the Berkshire Annual Meeting in Omaha, Neb., on May 25, 2017.
Read more about Warren Buffett:Berksy has invested nearly $9 billion in more recent years in retail startups, including the start-up of a new retailing platform and a new online retailer.