Business
Granite REIT Announces Two Property Acquisitions in the United States
TORONTO, Feb. 13, 2013 /CNW/ - Granite Real Estate Investment Trust ("Granite") (TSX: GRT....
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Feb. 13, 2013 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE:\n GRP.U) announced today the acquisition of a majority interest in two\n income-producing flex industrial properties, one located in Logan, New\n Jersey and the other in Savannah, Georgia. The buildings total 713,040\n square feet and were acquired for a total purchase price (100%\n interest) of U.S.$39.8 million, excluding acquisition costs. Granite's\n investment was completed through a joint venture with the vendor,\n Dermody Properties.  Dermody Properties, a U.S. based national\n industrial developer, has retained the remaining interest and will\n continue to be responsible for property management and leasing.\n\n\nThe two properties are new format, multi-tenant industrial buildings\n that are 95% leased, with a weighted average lease term of 3.7 years. \n Major tenants include UPS, Dole and Sears.  Additional detail is\n available on our website at www.granitereit.com.\n\n\nThe total purchase price for Granite's interest, including all\n transaction and due diligence costs, was approximately U.S.$36.5\n million.  Granite's investment was funded through a combination of\n first mortgage debt of U.S.$21.5 million (representing Granite's\n portion), Granite's credit facility and cash on hand.\n\n\nTom Heslip, CEO of Granite, said \"We are pleased to have completed our\n first transaction in the implementation of Granite's growth and\n diversification strategy.  We also look forward to our future dealings\n with our joint venture partner, Dermody Properties, who has local\n market expertise and a long and successful track record in developing,\n operating and managing industrial properties in the United States.\"\n\n\nABOUT GRANITE\n\n\nGranite is a Canadian-based REIT engaged in the ownership and management\n of predominantly industrial properties in Canada, the United States,\n Mexico and Europe. Granite owns approximately 29 million square feet in\n 106 rental income properties. Our tenant base currently includes\n operating subsidiaries of Magna International Inc. as our largest\n tenants, together with tenants from other industries.\n\n\nABOUT DERMODY PROPERTIES\n\n\nDermody Properties is a privately held national industrial real estate\n development group, founded and headquartered i...