Granite REIT Completes $231M Offering

Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) and Granite REIT Inc. (collectively, Granite) completed an offering of 3,749,000 stapled units (Units), inclusive of 489,000 Units issued pursuant to the exercise in full of the over-allotment option, at a price of $61.50 per Unit for total gross proceeds of C$230,563,500. 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 CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Desjardins Securities Inc., Echelon Wealth Partners Inc., Goldman Sachs Canada Inc., National Bank Financial Inc. and Raymond James Ltd.

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 rental income properties representing approximately 35 million square feet of leasable area.

Granite was represented by its Senior Vice President, Legal Counsel, Lawrence Clarfield and by Blake, Cassels & Graydon LLP with respect to corporate/securities matters, with a team that included Jeff Lloyd, Brendan Reay, Eric Moncik, Linda Tu, Kendall Grant and Yawer Khan; by Davies Ward Phillips & Vineberg LLP with respect to tax matters, with a team that included Neal Armstrong and Sharon Ford; and by Paul, Weiss, Rifkind, Wharton & Garrison LLP with respect to U.S. matters, with a team that included Christopher Cummings, Steve Centa, Aaron Abramson and Cristina Voicu.

The underwriters were represented by McMillan LLP with a team conmprising Georges Dubé, Jeffrey Gebert and Valenteena Samra (Securities) and Andrew Stirling (Tax).