Seeking Alpha

Parkway Properties Inc. (PKY)

  • Sep. 5, 2013, 7:58 AM
    • Parkway Properties (PKY) agrees to a merger with Thomas Properties Group (TPGI) in stock-for-stock transaction valued at ~$1.2B.
    • TPGI shareholders will receive 0.3822 shares of newly issued PKY common stock in exchange for each TPGI share, for an implied price of $6.26/share.
    • PKY will assume TPGI's ownership interest in two office properties in Houston and five office properties in Austin, Tex.; PKY also may take ownership of three assets in Northern Virginia.
    • PKY agrees to sell TPGI's ownership interest in two office properties located in Philadelphia to Brandywine Realty (BDN) for $332M.
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Company Description
Parkway Properties Inc is a fully integrated, self-administered & self-managed real estate investment trust. It is engaged in the acquisition, ownership & management of office & parking properties in submarkets in the Sunbelt region of the United States.
Sector: Financial
Industry: REIT - Office
Country: United States