TORONTO, June 4, 2018 /PRNewswire/ - Granite Real
Estate Investment Trust ("Granite") (TSX: GRT.UN / NYSE: GRP.U)
announced today the appointment of Kevan
Gorrie as Chief Executive Officer of Granite, effective
August 1, 2018. Mr. Gorrie is an
accomplished real estate professional in the industrial real estate
market who most recently served as the President and Chief
Executive Officer of Pure Industrial Real Estate Trust, which owns
an industrial property portfolio of over 25 million square feet
across Canada and the United States. There he successfully grew
and led that business until its recent strategic sale to Blackstone
Property Partners and Ivanhoé Cambridge. With over 20 years of experience,
Mr. Gorrie is a seasoned real estate executive who is well known in
the Canadian capital markets and on both sides of the border in the
industrial real estate market.
"The Board unanimously selected Kevan, a proven leader and real
estate professional, who brings a broad range of experience in both
Canada and the United States in all aspects of the
industrial asset class, including strategy, capital allocation,
asset management, acquisitions, dispositions and development. His
extensive experience in industrial real estate, including logistics
and e-commerce applications makes him a great fit for Granite,"
commented Kelly Marshall, Granite's
Chair of the Board. "Kevan will build upon recent initiatives
undertaken at Granite of divesting approximately $391 million of primarily Magna-tenanted
properties, including $327 million of
special purpose properties, and acquiring approximately
$545 million of new
logistics-oriented distribution centres. Kevan's appointment will
mark the next chapter in Granite's strategic plan."
"I would like to thank Kelly and the Board of Trustees for
providing me with this unique opportunity. Granite possesses
enormous prospects for growth and the potential to become a leader
in the industry", said Kevan Gorrie.
"I look forward to working with the management team and the Board
on the next exciting phase of our evolution."
Mr. Gorrie will replace Michael
Forsayeth who had previously announced his upcoming
retirement in September 2018 and who
has been with Granite since August
2011 as, most recently, its Chief Executive Officer and,
prior to that, its Chief Financial Officer. "We thank Mike for his
strong leadership over the last seven years and we are grateful for
the significant contributions he has made towards Granite's success
and for positioning it for future growth and diversification under
new leadership," said Mr. Marshall.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of predominantly industrial,
warehouse and logistics properties in North America and Europe. Granite owns 90 rental income
properties representing approximately 34 million square feet of
leasable area. Through the thoughtful deployment of its balance
sheet and selective dispositions, Granite is continuing to build a
high quality, globally diversified industrial real estate
business.
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 Al Mawani, Chair of
the Compensation, Governance and Nominating Committee of Granite,
at 416-574-4330.
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 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 performance or results and will not
necessarily be accurate indications of whether or the times at or
by which such performance or results 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, 2018 (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