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Granite completes acquisition of logistics portfolio in Ohio

Published 25 May 2018

Granite Real Estate Investment Trust has completed its acquisition of a 3.8 million ft² portfolio of four warehouse and logistics properties near Columbus, Ohio at a purchase price of $232.5m.

The agreement to acquire the portfolio was previously announced on May 10, 2018.

In addition, Granite announced today that to facilitate an intended expansion of approximately 300,000 square feet, Granite will invest an incremental US$18.75 million covering all construction costs, leasing commissions and tenant incentives.

The intended expansion would increase the overall portfolio weighted average lease term to 7.6 years.

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of predominantly industrial, warehouse and logistics properties in North America and Europe.

Granite owns 90 rental income properties representing approximately 34 million square feet of leasable area.

Through the thoughtful deployment of its balance sheet and selective dispositions, Granite is continuing to build a high quality, globally diversified industrial real estate business.

Source: Company Press Release