John Whittaker has spent more than £7m topping up his Intu stake since the mall group's AGM 10 days ago.
In five separate transactions the non-executive deputy chairman took his stake to 22.9% in the group which owns the intu Trafford Centre and part-owns the Manchester Arndale.
Shareholders will receive dividends of 9.10p a share on 28 May, representing a yield of 2.55%. Intu was priced at 343p on Friday morning; it has a one year high of 376p.
Whittaker is the largest shareholder in Intu and stands to receive £26m in dividends this month. At the end of April he spent £4.9m on shares and has continued to steadily rebuild his holdings following rights issues in recent years which saw shareholders' stakes diluted.
The Peel chairman was appointed to the board of Intu following the acquisition of the Trafford Centre in January 2011.