An unknown buyer entered into agreement to acquire nine properties in Ontario and one property in Kentucky from Granite Real Estate Investment Trust (TSX:GRT.UN) for approximately CAD 400 million.
January 16, 2018
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An unknown buyer entered into agreement to acquire nine properties in Ontario and one property in Kentucky from Granite Real Estate Investment Trust (TSX:GRT.UN) for approximately CAD 400 million on January 17, 2018. Two of the special purpose properties located in St. Thomas, Ontario and one located in Bowling Green, Kentucky will be acquired for approximately CAD 334 million. The three properties have net operating income of approximately CAD 24 million. The remaining seven properties will be acquired for CAD 63 million. The seven properties have combined net operating income of CAD 2.8 million. The transaction is subject to customary closing conditions and is expected to close within the next several weeks. The transaction is accretive to Granite’s net asset value by approximately CAD 1.50 per stapled unit. Neal H. Armstrong, Peter A. Glicklich, John M. Ulmer and Heath Martin of Davies Ward Phillips & Vineberg LLP acted as legal advisors to Granite.
Granite Real Estate Investment Trust (the Trust) is a Canada-based real estate investment trust. The Trust is engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. The Trust owns 143 investment properties representing approximately 62.9 million square feet of leasable area. The Trust has approximately 38 industrial properties in Canada, 66 in the United States, 16 in the Netherlands, 14 in Germany and nine in Australia. The Trust's investment properties consist of income-producing properties, properties under development and land held for development. The income producing properties consist primarily of logistics, e-commerce and distribution warehouses, and light industrial and heavy industrial manufacturing properties. All of its income-producing properties are for industrial use and can be categorized as distribution/e-commerce, industrial/warehouse, flex/office or special purpose properties.
An unknown buyer entered into agreement to acquire nine properties in Ontario and one property in Kentucky from Granite Real Estate Investment Trust (TSX: GRT.UN) for approximately CAD 400 million.