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Granite REIT Completes Sale of $400 Million of Properties and Enters Into a New 5-Year $500 Million Unsecured Credit Facility
Granite REIT Completes Sale of $400 Million of Properties and Enters Into a New 5-Year $50...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite REIT Completes Sale of $400 Million of Properties and Enters Into a New 5-Year $500 Million Unsecured Credit Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Feb. 1, 2018\n\n\n\nTORONTO, Feb. 1, 2018 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has completed the sale of ten properties, including three special purpose properties, for a purchase price of approximately $400 million (the \"Sale Transactions\") to third party buyers who are not affiliated with Magna International Inc.  The agreements to sell these properties were previously announced on January 17, 2018.  \n\nGranite also announced today that it has entered into an unsecured senior revolving credit facility (the \"Credit Facility\") in the amount of $500 million that is available by way of Canadian dollar, U.S. dollar or euro denominated loans or indebtedness.  The Credit Facility has a five year term commencing February 1, 2018 and replaces Granite's existing $250 million credit facility.\n\nMichael Forsayeth, Granite's CEO, commented that \"The completion of the sale of these ten properties, together with the new Credit Facility, gives Granite over $850 million of liquidity in the form of cash on hand and available credit lines that will facilitate our objective to accelerate acquisition growth and effectively deploy Granite's balance sheet in the best interest of our unitholders.\"\n\nABOUT GRANITE\n\nGranite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe. Granite owns approximately 29 million square feet in over 80 rental income properties. Our tenant base includes Magna International Inc. and its operating subsidiaries as our largest tenants, in addition to tenants from other industries. \n\nOTHER INFORMATION \n\nCopies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administr...