Parkway to Buy Thomas Properties for $1B in Stock, Debt


(REUTERS) Parkway Properties Inc said it will buy Thomas Properties Group Inc for about $300 million in stock and the assumption of about $750 million of debt, primarily to expand in Texas.

The deal will add seven properties in Houston and Austin to Parkway's portfolio, which owns office properties across the U.S. Sunbelt.

"This transaction will significantly expand and upgrade our presence in Houston and simultaneously will allow us to fulfill our stated strategy of expanding into the Austin market," Parkway Chief Executive James R. Heistand said.

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