Sep. 22, 2014, 10:43 AM
- The deal calls for Parkway Properties (PKY -2.8%) to purchase 22 office properties in six states totaling more than 3M square feet. Parkway intends to sell 19 of the properties as they're not consistent with the company's investment strategy. Kept will be three Class A office buildings in Tampa totaling 974K square feet.
- The gross purchase price is 475M and the deal is expected to close in Q4.
- Noting the combined occupancy of the Tampa properties of just 69.7%, Parkway expect to be able to add value.
- Helping to fund the purchase, Parkway launches a 10M share secondary offering with underwriter greenshoe of 1.5M shares.
Jan. 6, 2014, 5:38 PM
PKY vs. ETF Alternatives
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.
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