Parkway Properties, a real estate investment trust with holdings throughout the southern U.S., has turned to Hogan Lovells to advise on its expansion plans into Texas via a $1.1 billion stock-and-debt purchase of Thomas Properties Group.
The deal, announced Thursday, will see Parkway give up $294 million in stock and assume $752 million in Thomas Properties debt in order to move forward with the merger. GlobeSt, a sibling publication, reports that Parkway will shed some of that debt by reaching an agreement on a related $382.8 million sale of three properties in Philadelphia and Austin held by Thomas Properties to Brandywine Realty Trust.
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