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

On Nov. 24, 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.

Lawrence Clarfield, senior vice president, legal counsel, represented Granite.

Blake, Cassels & Graydon LLP represented Granite with respect to corporate/securities matters, with a team that included
Jeff Lloyd,
Brendan Reay,
Linda Tu,
Kendall Grant,
Demi Toneguzzo.

Davies Ward Phillips & Vineberg LLP represented Granite with respect to tax matters, with a team that included
Neal Armstrong,
Sharon Ford (Canadian tax),
Heath Martin (U.S. tax).

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Granite with respect to U.S. matters, with a team that included
Christopher Cummings,
Steve Centa,
Cristina Voicu.

McMillan LLP represented the underwriters with a team comprising
Georges Dubé,
Jeffrey Gebert,
Valenteena Samra (corporate/securities),
Andrew Stirling (tax).


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