Canada Pension Plan Investment Board and Parkway Inc announced that they have entered into a definitive agreement under which CPPIB will acquire 100% of Parkway, a Houston-based real estate investment trust, for $1.2bn, or $23.05 per share. The transaction is not subject to a financing condition and is expected to close in the fourth quarter of 2017, subject to customary closing conditions, including approval by Parkway’s stockholders. “Parkway fits well with CPPIB's long-term real estate strategy to hold stable, high-quality assets in large U.S. markets.” Hilary Spann, CPPIB Managing Director and Head of U.S. Real Estate Investments.