CPPIB Bets Big on Houston?
Matt Scuffham of Reuters reports, Canada Pension Plan to buy U.S. REIT Parkway for $1.2 billion : Canada Pension Plan Investment Board said on Friday it would buy Houston-based real estate investment trust Parkway Inc ( PKY ) for $1.2 billion, its second significant U.S. investment this week. Canada's biggest public pension fund, which is one of the world's biggest real estate investors, will pay Parkway stockholders $19.05 per share and a $4 special dividend, the companies said on Friday. Shares of Parkway were up 12.3 percent at $22.87 in morning trading. That was slightly below the $23.05-per-share deal value, which represented a 14 percent premium to the stock's average price in the past month. "Parkway fits well with CPPIB's long-term real estate strategy to hold stable, high-quality assets in large U.S. markets," said Hilary Spann, who heads the pension fund's U.S. real estate investment arm . Parkway, in which private equity firm TPG