TORONTO and HOUSTON, Oct. 12,
2017 /PRNewswire/ -- 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.
Forward Looking Statements
Certain statements contained in this press release, including those
that express a belief, expectation or intention, as well as those
that are not statements of historical fact, are forward-looking
statements within the meaning of the federal securities laws and as
such are based upon Parkway's current beliefs as to the outcome and
timing of future events. There can be no assurance that actual
future developments affecting Parkway will be those anticipated by
Parkway. Parkway cautions investors that any forward-looking
statements presented in this press release are based on
management's beliefs and assumptions made by, and information
currently available to, management. When used, the words
"anticipate," "assume," "believe," "estimate," "expect,"
"forecast," "guidance," "intend," "may," "might," "plan,"
"potential," "should," "will," "result" or similar expressions that
do not relate solely to historical matters are intended to identify
forward-looking statements. You can also identify forward-looking
statements by discussions of strategy, plans or intentions.
Forward-looking statements involve risks and uncertainties (some of
which are beyond Parkway's control) and are subject to change based
upon various factors, including but not limited to the following
risks and uncertainties: the outcome of any legal proceedings that
may be instituted against Parkway and others related to the merger
agreement; the ability of Parkway to implement its operating
strategy; changes in economic cycles; and competition within the
office properties real estate industry; and other risks and
uncertainties detailed from time to time in Parkway's Securities
and Exchange Commission (the "SEC") filings.
Should one or more of these risks or uncertainties occur, or
should underlying assumptions prove incorrect, Parkway's business,
financial condition, liquidity, cash flows and results could differ
materially from those expressed in any forward-looking statement.
While forward-looking statements reflect Parkway's good faith
beliefs, they are not guarantees of future performance. Any
forward-looking statement speaks only as of the date on which it is
made. New risks and uncertainties arise over time, and it is not
possible for us to predict the occurrence of those matters or the
manner in which they may affect us. Except as required by law,
Parkway undertakes no obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes.
For More Information:
CPPIB: Dan
Madge
Senior Manager, Media Relations T: +1 416 868 8629
dmadge@cppib.com
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Mei Mavin
Director, Corporate
Communications
T: +44 20 3205
3406
mmavin@cppib.com
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Parkway: A. Noni Holmes-Kidd Vice President, General Counsel
T: +1 407 581 3351
nholmes-kidd@pky.com
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SOURCE Parkway, Inc.