Press release from PR Newswire
Granite REIT Announces Property Acquisition in the United States
Tuesday, July 30, 2013
Granite REIT Announces Property Acquisition in the United States17:05 EDT Tuesday, July 30, 2013
TORONTO, July 30, 2013 /PRNewswire/ - Granite Real Estate Investment Trust ("Granite") (TSX: GRT.UN / NYSE: GRP.U) announced today that it has agreed to the purchase of a 600,000 square foot logistics-distribution facility in West Chester (Cincinnati), Ohio at a purchase price of U.S. $21.0 million. The property is being purchased from Fifth & Pacific Companies, Inc. ("Fifth & Pacific") (NYSE: FNP) who will continue to occupy the premises and will enter into a lease for an initial term of 10 years. The tenant, Fifth & Pacific, designs and markets a portfolio of retail based, premium, global lifestyle brands including Juicy Couture, Kate Spade and Lucky Brand.
The 42 acre site is well located in an established business park 20 minutes north of downtown Cincinnati. The property was initially developed in 2001 as a build-to-suit logistics facility for the tenant and was constructed to institutional grade specifications including 38'6" clear heights, ESFR sprinkler system and T-5 lighting. The site includes 11 acres of expansion/development land.
The investment represents an in-going yield of approximately 8.0% and will be funded with Granite's line of credit and cash on hand. The transaction is scheduled to close on or about August 20, 2013, subject to customary closing conditions.
Granite is a Canadian-based REIT engaged in the ownership and management of predominantly industrial properties in North America and Europe. Granite owns approximately 29 million square feet and over 100 properties. Our tenant base currently includes Magna International Inc. and its operating subsidiaries as our largest tenants, together with tenants from other industries.
Copies of financial data and other publicly filed documents are available through the internet on 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 Tom Heslip, Chief Executive Officer, at 647-925-7539 or Michael Forsayeth, Chief Financial Officer, at 647-925-7600.
This press release may contain statements that, to the extent they are not recitations of historical fact, constitute ''forward-looking statements'' within the meaning of applicable securities legislation, including the United States Securities Act of 1933 and the United States Securities Exchange Act of 1934. Forward-looking statements may include, among others, statements regarding Granite's future plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance or expectations, or the assumptions underlying any of the foregoing. Words such as ''may'', ''would'', ''could'', ''will'', ''likely'', ''expect'', ''anticipate'', ''believe'', ''intend'', ''plan'', ''forecast'', ''project'', ''estimate'' and similar expressions are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such future performance will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/or management's good faith assumptions and analyses made in light of our perception of historical trends, current conditions and expected future developments, as well as other factors we believe 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. Important factors that could cause such differences include, but are not limited to the risks set forth in the ''Risk Factors'' section in Granite REIT's Annual Information Form for 2012, filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, which investors are strongly advised to review. The ''Risk Factors'' section also contain information about the material factors or assumptions underlying such forward-looking statements. Forward-looking statements speak only as of the date the statements 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 contained in this press release to reflect subsequent information, events or circumstances or otherwise.
SOURCE Granite REIT
For further information: <p> please see our website at www.<a href="http://www.granitereit.com">granitereit.com</a> or contact Tom Heslip, Chief Executive Officer, at 647-925-7539 or Michael Forsayeth, Chief Financial Officer, at 647-925-7600. </p>