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Report On Business CPP Investment Board to buy Houston office portfolio for $1.2-billion

MARK BLINCH/REUTERS

Canada Pension Plan Investment Board announced a deal Friday to buy a Houston-based real estate investment trust for $1.2-billion (U.S).

Under the agreement, shareholders of Parkway Inc. will receive a total of $23.05 per share, including a $4 special dividend to be paid before the deal closes.

Parkway owns a portfolio of 19 office buildings in Houston.

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CPPIB says Parkway fits well with its long-term real estate strategy and gives it additional scale in the Texas city.

The transaction is expected to close in the fourth quarter, subject to approval from Parkway's shareholders.

Private equity firm TPG Capital and its affiliates, which own 9.8 per cent of Parkway's common stock, have agreed to support the deal.

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