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Granite Acquires Two State-of-the-Art Distribution Properties in the GTA
Granite Acquires Two State-of-the-Art Distribution Properties in the GTA Canada Ne...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Acquires Two State-of-the-Art Distribution Properties in the GTA\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 9, 2019\n\n\n\nTORONTO, April 9, 2019 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has acquired the leasehold interest in two income producing properties located in Mississauga, Ontario, collectively comprising approximately 943,000 square feet at a purchase price of CAD 154 million. The properties are being acquired at a current in-going yield of approximately 4.5%, which is expected to be significantly enhanced by rental growth and future expansion. The properties are located adjacent to Toronto Pearson International Airport and are 100% leased to creditworthy tenants with a weighted average lease term of 8.7 years. \n\nInvestment Highlights\nBest-in-Class Physical Attributes\nCore In-fill GTA Location\n•\nBoth buildings completed in 2018 to the highest design specifications\n•\nLocated next to Toronto Pearson International Airport\n•\n \n40' clear height offering superior cubic capacity to comparable new generation buildings in Mississauga\n•\nImmediate access to highways 407, 401, 410 and 427, reducing user freight costs \n•\nDual-sided shipping at 2020 Logistics Drive with an industry-leading number of dock positions and trailer parking\n•\nProperty is serviced by both Mississauga and Brampton public transit\n•\nSite offers multiple points of ingress and egress\n•\nPopulation of 4.6 million within a 30km radius providing crucial last-mile capabilities and access to a significant labour force\nCash Flow Stability with Growt...