Real Estate M&A » By The Online Investor Staff, updated Fri., Apr. 26, 12:14 AM
Recent mergers and acquisitions in the Real Estate M&A category.
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Slide #45. Parkway Properties, Inc. — Thomas Properties Group, Inc.
Acquirer:
Parkway Properties, Inc. (PKY)
Acquiree:
Thomas Properties Group, Inc. (TPGI)
Details:
Parkway Properties, Inc. (NYSE: PKY) ("Parkway") and Thomas Properties Group, Inc. (NYSE: TPGI) ("Thomas Properties") announced today that they have signed a definitive merger agreement pursuant to which Thomas Properties will merge with and into Parkway in a stock-for-stock transaction valued at approximately $1.2 billion. The merger agreement was unanimously approved by the board of directors of each company following receipt of fairness opinions, and the transaction is expected to close by the end of the fourth quarter of 2013, subject to the approval of stockholders of both companies, receipt of certain third party consents and other customary closing conditions.
Parkway is a self-managed office REIT, engaged in the ownership, acquisition, development and leasing of Class A office assets focused on attractive Houston, Texas submarkets. Co.'s portfolio will consist of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston, providing geographic focus and operational scale and efficiencies.
Preferred: PKY.PRD
Open the PKY Page at The Online Investor »Parkway is a self-managed office REIT, engaged in the ownership, acquisition, development and leasing of Class A office assets focused on attractive Houston, Texas submarkets. Co.'s portfolio will consist of five Class A assets comprising 19 buildings and totaling approximately 8.7 million rentable square feet in the Greenway, Galleria and Westchase submarkets of Houston, providing geographic focus and operational scale and efficiencies.
Preferred: PKY.PRD
Open the TPGI Page at The Online Investor »
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