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June 30, 2017 01:00 AM

Canada Pension Plan Investment Board to acquire Parkway REIT

Rick Baert
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    Wikicommons

    Canada Pension Plan Investment Board, Toronto, on Friday announced it had agreed to acquire real estate investment trust Parkway for $1.2 billion, or $23.05 a share, pending approval of Parkway shareholders.

    Parkway's board of directors unanimously approved the agreement, according to a joint news release from CPPIB and Parkway.

    The REIT had $2.12 billion in assets, focusing on Houston's office market, as of March 31, according to Parkway's first-quarter earnings statement. HFF Securities was Parkway's financial adviser on the deal, which is expected to close in the fourth quarter.

    CPPIB manages the C$316.7 billion ($238.6 billion) in assets of the Canada Pension Plan, Ottawa. CPPIB had a 23.1% allocation to real assets allocation as of March 31.

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    December 12, 2022 page one

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