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Granite Announces New Acquisitions and Development and Closing of Previously Announced Acquisition
Granite Announces New Acquisitions and Development and Closing of Previously Announced Acq...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Announces New Acquisitions and Development and Closing of Previously Announced Acquisition\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 18, 2019\n\n\n\nTORONTO, July 18, 2019 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has acquired two income producing properties and has agreed to acquire a third property, together comprising approximately 1.4 million square feet (\"SF\") at a combined purchase price of approximately C$120 million, representing an in-going weighted average yield of approximately 5.8%. The properties are fully leased with a weighted average lease term of 5.4 years and will be immediately accretive to funds from operations and adjusted funds from operations per unit. In addition, Granite has acquired, through a joint venture with NorthPoint Development, a 191 acre parcel of land in Houston, Texas for the development of a multi-phased business park comprising a total of approximately 2.5 million SF.\n1901 Beggrow Street, Columbus, Ohio, USA\nGranite has acquired 1901 Beggrow Street, a 802,390 SF, 36' clear height distribution centre situated on 51.1 acres of land in Columbus, Ohio. This state of the art facility was completed in 2018 and is 100% leased to a subsidiary of Pepsico, Inc. for a remaining lease term of 4.7 years. The acquisition was previously announced on April 11, 2019 and closed on May 23, 2019. \n\nThe property is well located within the major southeast Columbus industrial market, benefiting from a strong labour pool and providing access to nearly 60% of the U.S. and Canadian population within a day's drive. The property is also strategically located within two miles of the Rickenbacker International Airport, one of the only cargo-dedicated airports in the world.  Further broadening the property's appeal, the building can be expanded by approximately 200,000 SF providing attractive site flexibility and growth potential.\nHeirweg 3 Born, Netherlands\nGranite has acquired Heirweg 3, a 259,388 SF distributio...