Business
Granite REIT Announces Lease Extension At Graz, Austria
TORONTO , Jan. 30, 2014 /CNW/ - Granite Real Estate Investment Trust ("Granite") (TSX: ...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, Jan. 30, 2014 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE:\n GRP.U) today announced that Magna Steyr has agreed to a lease extension at its\n Thondorf facility in Graz, Austria. The lease expiry date for the\n approximately 3.85 million square foot facility, the larger of\n Granite's two facilities in Graz, has been extended from December 31,\n 2017 to January 31, 2024. Thondorf is Granite's largest property, as\n measured by both annualized lease payments1 and square footage, and it accounts for approximately 10% of Granite's\n total annualized lease payments. In connection with the extension the\n current rental rate will remain fixed for the balance of the term and\n Granite will pay a one-time tenant allowance in the amount of €25\n million.\n\n\nABOUT GRANITE\n\n\nGranite is a Canadian-based REIT engaged in the ownership and management\n of predominantly industrial, warehouse and logistics properties in\n North America and Europe. Granite owns approximately 32 million square\n feet and over 100 properties. Our tenant base currently includes Magna\n International Inc. and its operating subsidiaries as our largest\n tenants, together with 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-loo...