TORONTO, Oct. 31, 2019 /PRNewswire/ - Granite Real
Estate Investment Trust ("Granite") (TSX: GRT.UN / NYSE: GRP.U)
announced today that it has closed its previously announced public
offering (the "Offering") of 4,600,000 stapled units (the "Units"),
inclusive of 600,000 Units issued pursuant to the exercise in full
of the over-allotment option, at a price of C$64.00 per Unit for total gross proceeds of
C$294,400,000.
The Offering was conducted on a bought deal basis through a
syndicate of underwriters co-led by BMO Capital Markets and TD
Securities.
Granite intends to use the net proceeds from the Offering to
partially fund Granite's recent acquisitions announced on
October 21, 2019, commitments under
Granite's existing development projects, potential future
acquisitions and for general trust purposes.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of industrial, warehouse and
logistics properties in North
America and Europe. Granite
owns over 80 rental income properties representing approximately
38.5 million square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents
about Granite are available through the internet on the Canadian
Securities Administrators' Systems for Electronic Document Analysis
and Retrieval (SEDAR) which can be accessed at
www.sedar.com and on the United States Securities and Exchange
Commission's Electronic Data Gathering, Analysis and Retrieval
System (EDGAR) which can be accessed at www.sec.gov.
For further information, please contact Teresa Neto, Chief Financial Officer, at
647-925-7560 or Andrea Sanelli,
Manager, Legal & Investor Services, at 647-925- 7504.
FORWARD LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
"forward-looking statements" or "forward-looking information"
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite's intended use of the net proceeds of the
Offering to potentially fund future acquisitions and for the other
purposes described above, Granite's intention and ability to
acquire and develop properties on satisfactory terms, and Granite's
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance, expectations, or foresight or the
assumptions underlying any of the foregoing. Words such as "may",
"would", "could", "will", "likely", "expect", "anticipate",
"believe", "intend", "plan", "forecast", "project", "estimate",
"seek", "objective" and similar expressions are used to identify
forward-looking statements and forward-looking information.
Forward-looking statements and forward-looking information should
not be read as guarantees of Granite's intended use of the net
proceeds of the Offering, Granite's intention and ability to
acquire and develop properties on satisfactory terms, or other
events, performance or results and will not necessarily be accurate
indications of whether or the times at or by which future events or
performance will be achieved. Undue reliance should not be placed
on such statements. Forward-looking statements and forward-looking
information are based on information available at the time and/or
management's good faith assumptions and analyses made in light of
its perception of historical trends, current conditions and
expected future developments, as well as other factors management
believes are appropriate in the circumstances, and are subject to
known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond Granite's control, that could
cause actual events or results to differ materially from such
forward-looking statements and forward-looking information.
Important factors that could cause such differences include, but
are not limited to, the risks set forth in the annual information
form of Granite Real Estate Investment Trust and Granite REIT Inc.
dated March 6, 2019 (the "Annual
Information Form"). The "Risk Factors" section of the Annual
Information Form also contains information about the material
factors or assumptions underlying such forward-looking statements
and forward-looking information. Forward-looking statements and
forward-looking information speak only as of the date the
statements and information were made and unless otherwise required
by applicable securities laws, Granite expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information contained
in this press release to reflect subsequent information, events or
circumstances or otherwise.
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SOURCE Granite Real Estate Investment Trust