Betting on Houston’s Economy, CPPIB to Buy Parkway
The Canada Pension Plan Investment Board (CPPIB) is buying 100% ownership of Parkway, Inc., a Houston-based real estate investment trust, for US$ 1.2 billion, or US$ 23.05 per share. CPPIB has continued to expand its real estate portfolio across the United States, seeking stable, high-quality assets. Parkway owns the biggest office property portfolio in Houston, adding up to roughly 8.7 million square feet across 19 properties. Some Houston metro properties owned by Parkway include Phoenix Tower, Greenway Plaza, San Felipe Plaza and CityWestPlace. According to the U.S. Census Bureau, Houston is the fourth largest U.S. metropolitan economy and fourth most populous city in the United States.
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