Cousins, Parkway Bank on Sun Belt
ByThe deal would expand Cousins’ footprint in the trophy office market and create a new REIT combining the companies’ holdings in hard-hit Houston.
Cousins Properties’ 1.4 million-square-foot Post Oak Central complex in Houston would become part of a new REIT as part of a merger agreement with Parkway Properties.
Moving to expand their Sun Belt footprint and consolidate their holdings in hard-hit Houston, Cousins Properties Inc. and Parkway Properties Inc. struck a deal to merge while spinning off their Houston assets into a separate REIT, the companies announced on Friday.
Cousins would gain Parkway’s assets outside of Houston and continue to be led by Larry Gellerstedt, the company’s president & CEO. Expected to close during the fourth quarter, the proposed stock-for-stock deal and REIT spinoff would create a portfolio comprising 41 properties and totaling 15.8 million feet. Cousins shareholders will own 52 percent of the company and of the Houston spinoff; Parkway investors would own the remaining 48 percent, the companies said…
Cousins, Parkway Bank on Sun Belt
