Granite REIT Announces Closing of C$288 Million Bought Deal Equity Offering
25 November 2020 - 12:38AM
Business Wire
Granite Real Estate Investment Trust (“Granite” or the
“REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that it
has closed its previously announced public offering (the
“Offering”) of 3,841,000 stapled units (the “Units”),
inclusive of 501,000 Units issued pursuant to the exercise in full
of the over-allotment option, at a price of C$75.00 per Unit for
total gross proceeds of C$288,075,000.
The Offering was conducted on a bought deal basis through a
syndicate of underwriters co-led by BMO Capital Markets and TD
Securities Inc.
Granite intends to use the net proceeds from the Offering to
fund the REIT’s acquisition pipeline, commitments under the REIT’s
existing development projects and for general trust purposes.
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns 109
investment properties representing approximately 46.3 million
square feet of gross 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 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 the Granite’s intended use of the net proceeds of the
Offering to fund the REIT’s acquisition pipeline, commitments under
the REIT’s existing development projects and for general trust
purposes, Granite’s intention and ability to make future
investments and acquisitions on satisfactory terms, Granite’s pro
forma liquidity position assuming completion of the Offering, 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 4, 2020 (the “Annual Information Form”) and
management’s discussion and analysis of results of operations and
financial position for the three and nine months ended September
30, 2020 (“Q3 MD&A”). The “Risk Factors” section of the
Annual Information Form and the Q3 MD&A also contain
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/20201124005621/en/
Teresa Neto Chief Financial Officer 647-925-7560
Andrea Sanelli Manager, Legal & Investor Services
647-925-7504
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