pcJ News Briefs – Canada Pension Plan Investment Board (CPPIB) has completed the merger of Parkway, Inc. (NYSE: PKY), a Houston Texas based real estate investment trust, with Real Estate Houston US LLC, a subsidiary of CPPIB, for US $1.2 billion, or US $23.05 per share. Following the merger, Parkway will survive as a subsidiary of CPPIB.
The US $23.05 per share consideration consists of US $19.05 per share payable pursuant to the merger, plus a US $4.00 per share special cash dividend paid on October 10, 2017.
As of June 30, 2017, Parkway’s portfolio consists 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.
photo credit: Parkway
News Release
Canada Pension Plan Investment Board Closes Merger with Parkway, Inc.
Toronto, ON, Canada / Houston, Texas, USA (October 12, 2017) – Canada Pension Plan Investment Board (“CPPIB”) and Parkway, Inc. (NYSE: PKY) (“Parkway”), a Houston-based real estate investment trust, announced today the completion of the previously announced merger of Parkway with an affiliate of CPPIB for US$1.2 billion, or US$23.05 per share. The closing follows the satisfaction of all conditions to closing the merger, including the receipt of approval of the transaction by Parkway stockholders on September 25, 2017.
Under the terms of the merger agreement, Parkway stockholders are entitled to receive cash payments totaling US$23.05 per share for each share of Parkway common stock held from the record date of Parkway’s cash dividend through the closing date. The US$23.05 per share consideration consists of US$19.05 per share payable pursuant to the merger, plus a US$4.00 per share special cash dividend paid on October 10, 2017.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2017, the CPP Fund totalled C$326.5 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter.
About Parkway
Parkway, Inc. is an independent, publicly traded, self-managed real estate investment trust (“REIT”) that owns and operates high-quality office properties located in attractive submarkets in Houston, Texas. As of June 30, 2017, our portfolio consists 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.
CPPIB:
Dan Madge
Senior Manager, Media Relations
T: +1 416 868 8629
dmadge@cppib.com
Mei Mavin
Director, Corporate Communications
T: +44 20 3205 3406
mmavin@cppib.com
Parkway:
Noni Holmes-Kidd
Vice President, General Counsel
T: +1 407 581 3351
nholmes-kidd@pky.com