Business
Granite REIT Announces Acquisition of a Euro129 Million Portfolio in Europe
TORONTO , Aug. 12, 2013 /CNW/ - Granite Real Estate Investment Trust ("Granite") (TSX: ...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, Aug. 12, 2013 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE:\n GRP.U) announced today that it has agreed to acquire a European portfolio\n consisting of 229,000 square meters (2,465,000 square feet) in 7\n properties located in Germany and the Netherlands from funds managed by\n AEW Europe. The purchase price is €129 million.\n\n\nThe portfolio consists of 7 high quality properties; 4 located in\n Germany and 3 located in the Netherlands. Each of the properties is\n presently single tenant, 100% occupied, with a flexible design and\n multiple enhanced features (security, mezzanines, excess truck and\n trailer storage). The clear height of all of the buildings exceeds 34\n feet with greater than 37 truck docks per property. The average age of\n the properties is 10 years.  The 7 tenants include ALSO Actebis, Kühne\n + Nagel, Meyer & Meyer, Ricoh, Tchibo, DB Schenker and Van Uden\n Logistic with a weighted average lease term of 5 years.\n\n\nThe transaction is subject to customary closing conditions, with a\n partial closing (5 properties) anticipated later in September and a\n secondary closing of the remaining two properties anticipated in\n October 2013. Granite expects to initially fund the purchase through\n its line of credit and cash on hand.\n\n\nTom Heslip, Granite REIT's CEO, commented that \"This is a major\n transaction that brings Granite's total acquisitions thus far in 2013\n to approximately C$300 million comprising 4.6 million square feet of\n state of the art, strong tenanted, well located logistics and\n distribution properties and new development sites. Given the diverse\n mix of tenants, industries and geographies, these acquisitions\n represent significant progress towards our strategic plan objectives\n for growth and diversification\".\n\n\nABOUT GRANITE\n\n\nGranite is a Canadian-based REIT engaged in the ownership and management\n of predominantly industrial properties in North America and Europe.\n Granite owns approximately 30 million square feet and over 100 properties. Our tenant base currently\n includes Magna International Inc. and its operating subsidiaries as our\n largest tenants, together with tenants from other industries.\n\n\nABOUT AEW EUROPE\n\n\nAEW Europe is one of the leading European real estate asset and\n investment m...