Business
Granite REIT Announces European Acquisition Closing And Lease Extension
TORONTO , Nov. 1, 2013 /CNW/ - Granite Real Estate Investment Trust ("Granite") (TSX: G...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, Nov. 1, 2013 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE:\n GRP.U) today announced that it has completed its acquisition of a 2.5 million\n square foot portfolio of seven properties located in Germany and the\n Netherlands from funds managed by AEW Europe at a purchase price of\n €129 million.  The agreement to acquire the portfolio was previously\n announced on August 12, 2013.\n\n\nGranite also announced today the extension of the expiry date of its\n fifth largest lease, as measured by annualized lease payments,1 from December 31, 2017 to December 31, 2022.  The extension terms\n include Granite building a 39,000 square foot expansion of the leased\n premises at a cost of approximately €4.4 million.\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 32 million square feet and over 100\n properties. Our tenant base currently includes Magna International Inc.\n and its operating subsidiaries as our largest tenants, together with\n tenants from other industries.\n\n\nOTHER INFORMATION\n\n\nCopies of financial data and other publicly filed documents are\n available through the internet on Canadian Securities Administrators'\n Systems for Electronic Document Analysis and Retrieval (SEDAR) which\n can be accessed at www.sedar.com and on the United States Securities and Exchange Commission's\n Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which\n can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Tom Heslip, Chief Executive Officer, at 647-925-7539 or\n Michael Forsayeth, Chief Financial Officer, at 647-925-7600.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis press release may contain statements that, to the extent they are\n not recitations of historical fact, constitute ''forward-looking\n statements'' or \"forward-looking information\" within the meaning of\n applicable securities legislation, including the United States\n Securities Act of 1933, as amended, the United States Securities\n Exchange Act of 1934, as amended, and applicable Canadian securities\n legislation.  Forward-looking statements a...