Business
Granite REIT Announces Property Acquisition in the United States
TORONTO , July 30, 2013 /CNW/ - Granite Real Estate Investment Trust ("Granite") (TSX: ...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\nTORONTO, July 30, 2013 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE:\n GRP.U) announced today that it has agreed to the purchase of a 600,000 square\n foot logistics-distribution facility in West Chester (Cincinnati), Ohio\n at a purchase price of U.S. $21.0 million. The property is being\n purchased from Fifth & Pacific Companies, Inc. (\"Fifth & Pacific\")\n (NYSE: FNP) who will continue to occupy the premises and will enter\n into a lease for an initial term of 10 years.  The tenant, Fifth &\n Pacific, designs and markets a portfolio of retail based, premium,\n global lifestyle brands including Juicy Couture, Kate Spade and Lucky\n Brand. \n\n\nThe 42 acre site is well located in an established business park 20\n minutes north of downtown Cincinnati. The property was initially\n developed in 2001 as a build-to-suit logistics facility for the tenant\n and was constructed to institutional grade specifications including\n 38'6\" clear heights, ESFR sprinkler system and T-5 lighting. The site\n includes 11 acres of expansion/development land.\n\n\nThe investment represents an in-going yield of approximately 8.0% and\n will be funded with Granite's line of credit and cash on hand. The\n transaction is scheduled to close on or about August 20, 2013, subject\n to customary closing conditions.\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 29 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 F...