HRPT to Buy Hallwood Realty

HRPT Properties, Newton, Mass., is acquiring Dallas-based Hallwood Realty Partners for a total cash price of about $250 million.In addition, HRPT will either take on or prepay all of Hallwood Realty's outstanding debt, Hallwood said. Under the merger agreement, Hallwood, an owner and operator of office and industrial properties, will merge into a subsidiary of HRPT. Holders of Hallwood limited partnerships are to receive approximately $137.91 in cash per limited partnership unit, which is subject to adjustment in certain circumstances, Hallwood said. HRPT is also purchasing 330,432 units indirectly owned by Hallwood Group (the sole owner of Hallwood) and its related entities for about $66.8 million, subject to the price adjustments for the units. Anthony J. Gumbiner, chairman of Hallwood Group, said the merger "provides the best opportunity for all of our partners to realize the value of their interests in the partnership." The merger is subject to unitholder approval.