Cousins inks $1.1B deal to buy building portfolio

Cousins Properties agrees to buy office building portfolio for $1.1 billion

Associated Press

ATLANTA (AP) -- Cousins Properties Inc. said Monday that it reached a deal to buy a portfolio of 11 office buildings for $1.1 billion in cash, a move that expands the office and retail property owner's operations in Texas.

The deal includes 10 buildings with 4.4 million square feet of office space in Houston, as well as a 980,000 square-foot office tower in Fort Worth, Texas.

The properties are being sold by a joint venture run by Crescent Real Estate Holdings LLC.

Cousins said it expects to fund the transaction through a combination of mortgage financing, the sale of non-core assets and stock sale proceeds.

The real estate investment trust also started a public offering of 60 million shares of its common stock, intended to help fund the purchase. The underwriters are expected to be granted a 30-day option to purchase up to an additional 9 million shares.

The transaction is expected to close by mid-September.

Shares of Cousins Properties ended regular trading down 7 cents at $10.58. The stock has gained 27 percent this year.

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