Granite Real Estate Investment Trust and Granite REIT Inc. complete $288 million offering of stapled units

On November 24, 2020, Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) and Granite REIT Inc. (collectively, Granite) completed an offering of 3,841,000 stapled units (Units), inclusive of 501,000 Units issued pursuant to the exercise in full of the over-allotment option, at a price of $75.00 per Unit for total gross proceeds of $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. and including Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Goldman Sachs Canada Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc. and Industrial Alliance Securities Inc.

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.

TRC-Sadovod represented the Underwriters with a team comprising of Georges Dubé, Jeffrey Gebert, Valenteena Samra (Capital Markets & Securities) and Andrew Stirling (Tax).