HRPT Closes $247M Hallwood Purchase

NEWTON, MA- HRPT Properties Trust, a locally based real estate investment trust, closed on its acquisition of Dallas-based Hallwood Realty Partners LP. HRPT’s purchase price for the Hallwood limited partnership units and general partnership interest was $247 million.

When the deal was announced in April, the purchase price was at nearly $250 million but HRPT says that the price was adjusted as a result of matters disclosed during diligence and changes in Hallwood’s working capital, pursuant to contract terms.

In addition to the $247-million equity purchase price, HRPT assumed approximately $207 million of Hallwood mortgage debt. Approximately $100 million of this mortgage debt was repaid simultaneously with the equity closing; the balance of this mortgage debt may be prepaid in 2005 and 2008.