TORONTO, 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.
Granite 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.
Michael 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."
ABOUT GRANITE
Granite 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.
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 see our website at www.granitereit.com or
contact Michael Forsayeth, Chief
Executive Officer, at 647-925-7600 or Ilias
Konstantopoulos, Chief Financial Officer, at
647-925-7540.
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 the impact of the Sale Transactions
and the Credit Facility on Granite's ability to accelerate
acquisition growth and deploy Granite's balance sheet, and
regarding 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 expected impact of
the Sale Transactions and the Credit Facility as described herein,
or other events, performance or results and will not necessarily be
accurate indications of whether or the times at or by which such
impact of the Sale Transactions and the Credit Facility or other
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 REIT and Granite GP dated March 1, 2017 (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.
SOURCE Granite REIT Holdings LP