{"id":469185,"date":"2021-03-31T17:10:28","date_gmt":"2021-03-31T21:10:28","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469185"},"modified":"2021-03-31T17:10:28","modified_gmt":"2021-03-31T21:10:28","slug":"granite-reit-extends-and-upsizes-credit-facility-to-1-0-billion-and-announces-a-new-86m-u-s-acquisition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/granite-reit-extends-and-upsizes-credit-facility-to-1-0-billion-and-announces-a-new-86m-u-s-acquisition\/","title":{"rendered":"Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition"},"content":{"rendered":"

<\/p>\n

Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition<\/b><\/p>\n

TORONTO–(BUSINESS WIRE<\/a>)–
\nGranite Real Estate Investment Trust (\u201cGranite\u201d or the \u201cREIT\u201d) (TSX: GRT.UN \/ NYSE: GRP.U) announced today that it has extended the maturity date of its credit facility to March 2026 and increased its borrowing capacity under the credit facility to $1.0 billion. In addition, Granite announced that it acquired an income-producing property in the United States comprising 1.0 million square feet at a purchase price of C$85.9 million.\n<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210331005993\/en\/<\/a><\/p>\n

\"3090<\/p>\n

3090 State Highway 42, Locust Grove, Georgia, USA (Photo: Business Wire)<\/p>\n<\/div>\n

Credit Facility<\/b><\/p>\n

\nToday, Granite amended its existing unsecured revolving credit facility agreement to extend the maturity date for a new five-year term to March 31, 2026. In addition, the facility\u2019s limit has doubled to $1.0 billion. Draws on the facility are available by way of Canadian dollar, US dollar or Euro denominated loans or Canadian dollar or US dollar denominated letters of credit. The credit facility provides Granite the ability to increase the amount of the commitment by an additional aggregate principal amount of up to $500.0 million with the consent of the participating lenders. Interest on drawn amounts is calculated based on an applicable margin determined by reference to the external credit ratings of the REIT and Granite REIT Inc., as is a commitment fee in respect of undrawn amounts. As at today, $1.0 million in letters of credit are issued under the facility, Granite has no other amounts drawn under the credit facility which, combined with approximately $480 million cash on hand, represents approximately $1.5 billion in available liquidity.\n<\/p>\n

US Acquisition<\/b><\/p>\n

\nOn March 12, 2021, Granite acquired 3090 State Highway 42, a 1.0 million square foot, 40\u2019 clear height modern warehouse distribution facility situated on 85.6 acres in the greater Atlanta region, for C$85.9 million (US $68.9 million). The state-of-the-art facility was completed in 2020 and is 75% leased to Radial, Inc. for a remaining lease term of 7.6 years, subject to contractual annual rent escalations. The property was acquired at an in-going yield of 3.8% and estimated stabilized yield of 5.0% upon lease-up of the existing 250,000 square feet of vacant space. The site also contains excess land to accommodate an expansion of approximately 0.3 million square feet. The property is well positioned in Atlanta\u2019s Henry County sub-market within Atlanta\u2019s I-75 logistical thoroughfare, in close proximity to Hartsfield-Jackson Atlanta International Airport, the Norfolk Southern Intermodal Yard and direct access to the Port of Savannah.\n<\/p>\n

\n

ABOUT GRANITE<\/b><\/p>\n

\nGranite 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 115 investment properties representing approximately 50.4 million of leasable area.\n<\/p>\n

OTHER INFORMATION <\/b><\/p>\n

\nCopies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators\u2019 System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com<\/a> and on the United States Securities and Exchange Commission\u2019s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov<\/a>. For further information, please see our website at www.granitereit.com<\/a> or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal & Investor Services, at 647-925-7504.\n<\/p>\n

FORWARD LOOKING STATEMENTS<\/span><\/b><\/p>\n

\nThis press release may contain statements that, to the extent they are not recitations of historical fact, constitute \u201cforward-looking statements\u201d or \u201cforward-looking information\u201d 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\u2019s expectations with respect to the leasing of the vacant space and the expected stabilized yield at the property in Locust Grove, Georgia, or expectations regarding the future expansion of such property, Granite\u2019s plans, goals, strategies, intentions, beliefs, estimates, costs, objectives, economic performance, expectations, or foresight or the assumptions underlying any of the foregoing. Words such as \u201cmay\u201d, \u201cwould\u201d, \u201ccould\u201d, \u201cwill\u201d, \u201clikely\u201d, \u201cexpect\u201d, \u201canticipate\u201d, \u201cbelieve\u201d, \u201cintend\u201d, \u201cplan\u201d, \u201cforecast\u201d, \u201cproject\u201d, \u201cestimate\u201d, \u201cseek\u201d, \u201cobjective\u201d 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 events, performance or results and will not necessarily be accurate indications of whether or the times at or by which such events, 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\u2019s 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\u2019s 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 3, 2021 (the \u201cAnnual Information Form\u201d). The \u201cRisk Factors\u201d 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.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210331005993\/en\/<\/a><\/span><\/p>\n

\nTeresa Neto, Chief Financial Officer, at 647-925-7560
\n
or
\n
Andrea Sanelli, Manager, Legal & Investor Services, at 647-925-7504.\n<\/p>\n

KEYWORDS:<\/b> Georgia United States North America Canada<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Other Construction & Property Commercial Building & Real Estate Finance Construction & Property REIT<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n\n\n\n
Photo<\/b><\/font><\/td>\n<\/tr>\n
\"Photo\"<\/td>\n<\/tr>\n
3090 State Highway 42, Locust Grove, Georgia, USA (Photo: Business Wire)<\/font><\/td>\n<\/tr>\n
Photo<\/b><\/font><\/td>\n<\/tr>\n
\"Photo\"<\/td>\n<\/tr>\n
3090 State Highway 42, Locust Grove, Georgia, USA (Photo: Business Wire)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition TORONTO–(BUSINESS WIRE)– Granite Real Estate Investment Trust (\u201cGranite\u201d or the \u201cREIT\u201d) (TSX: GRT.UN \/ NYSE: GRP.U) announced today that it has extended the maturity date of its credit facility to March 2026 and increased its borrowing capacity under the credit facility to $1.0 billion. In addition, Granite announced that it acquired an income-producing property in the United States comprising 1.0 million square feet at a purchase price of C$85.9 million. This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20210331005993\/en\/ 3090 State Highway 42, Locust Grove, Georgia, USA (Photo: Business Wire) Credit Facility Today, Granite amended its existing unsecured revolving credit facility … <\/p>\n

Continue reading “Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469185","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nGranite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/granite-reit-extends-and-upsizes-credit-facility-to-1-0-billion-and-announces-a-new-86m-u-s-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Granite REIT Extends and Upsizes Credit Facility to $1.0 Billion and Announces a New $86M U.S. Acquisition TORONTO–(BUSINESS WIRE)– Granite Real Estate Investment Trust (\u201cGranite\u201d or the \u201cREIT\u201d) (TSX: GRT.UN \/ NYSE: GRP.U) announced today that it has extended the maturity date of its credit facility to March 2026 and increased its borrowing capacity under the credit facility to $1.0 billion. 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In addition, Granite announced that it acquired an income-producing property in the United States comprising 1.0 million square feet at a purchase price of C$85.9 million. This press release features multimedia. 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