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Parkway Properties sells 2 Tennessee properties for $59 million

Fri Jun 29, 2007 5:58pm EDT

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June 29 (Reuters) - Parkway Properties Inc. (PKY.N) said it sold two properties in Knoxville, Tennessee for $59.0 million and used the net proceeds to prepay the $7.4 million first mortgage and reduce amounts under its credit lines.

Mergers & Acquisitions

The company will recognize a gain of about $20.3 million on the sale and expenses of about $494,000 related to the prepayment of the mortgage in the second quarter, the real estate investment trust it said in a statement. (Reporting by Neetha Mahadevan in Bangalore)

Mergers & Acquisitions


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