TORONTO, April 30, 2019 /CNW/ - 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 3,749,000 stapled units (the "Units"),
inclusive of 489,000 Units issued pursuant to the exercise in full
of the over-allotment option, at a price of C$61.50 per Unit for total gross proceeds of
C$230,563,500.
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 the potential acquisition of two properties, one
industrial income producing property in Columbus, Ohio and one development property
located in Calgary, Alberta for
total expected costs (post development) of C$126.3 million, as well as to fund development
costs associated with Granite's previously announced Indiana development project 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 85 rental income properties representing approximately 35
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 see our website at www.granitereit.com
or contact Andrea Sanelli, Manager,
Legal & Investor Services, at 647-925-7504 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 intention of Granite to complete the potential
Acquisitions , Granite's intended use of the net proceeds of the
Offering to fund the potential Acquisitions and for the other
purposes described above, 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 the closing of the potential
Acquisitions, Granite's intended use of the net proceeds of the
Offering, 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 potential 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 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