Granite Announces Acquisition of Three Prime Logistics Properties in the Netherlands
January 14 2020 - 4:12PM
Business Wire
Largest asset is 45,000 m² Decathlon
national distribution centre in Tilburg
Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN
/ NYSE: GRP.U) announced that it has agreed to acquire three
prime properties, together comprising nearly 80,000 m² at a
combined purchase price of approximately €89 million.
These state-of-the-art facilities, located in Tilburg (45,000
m²), Weert (22,000 m²) and Ede (12,000 m²) are built-to-suit and
will be delivered in mid-2020 and early 2021.
The properties are 100% leased to three prominent European
tenants for a weighted average lease term of approximately 11
years.
Several sustainability features have been incorporated in the
design of the properties, and they are expected to receive a BREEAM
“Very Good” certification at minimum.
Kevan Gorrie, Granite’s President and CEO, commented that
following the opening of the new Amsterdam office in 2019, this
acquisition signifies Granite’s strategy to expand its European
logistics platform and further establish its presence in
Europe.
“Adding these state-of-the-art assets to our European portfolio
represents a significant step forward for Granite’s European
investment strategy. Together with our earlier acquisition in Born,
we have now transacted on well over €100 million in properties in
the Netherlands alone in the past six months.”
Witsard Schaper, Granite’s Head of Europe said, “This
transaction further demonstrates our ability to source and execute
attractive opportunities in the current market. We are pleased to
be able to partner with experienced and well-regarded developers
such as HVBM and look to build on these relationships”.
Whilst Granite has identified the Netherlands as one of Europe’s
strongest logistic growth markets, Mr. Schaper added that both
Germany and Poland showed similar characteristics and are core
target markets for the company.
“We are strategically committed to these markets and will
continue to pursue attractive opportunities in Germany and Poland
as well this year”, Schaper said.
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
90 rental income properties representing approximately 40 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’ System 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 Witsard Schaper, Head of Europe, at
+31 20-299-4575.
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 intention of Granite and the vendors to complete the
acquisitions on the terms and conditions described herein, the
timing of closing of the acquisitions, the expected BREEAM
certification of the properties 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” 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 the closing of the acquisitions on the
terms and conditions described herein, the expected BREEAM
certification of the properties, or other events, performance or
results and will not necessarily be accurate indications of whether
or the times at or by which such closing of the acquisitions, 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20200114005862/en/
Witsard Schaper Head of Europe +31 20-299-4575
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