Granite Real Estate Investment Trust and Granite REIT Inc. $316 million offering of stapled units

Industry: Real estate not elsewhere classified

On June 9, Granite Real Estate Investment Trust (TSX: GRT.UN / NYSE: GRP.U) and Granite REIT Inc. (collectively, Granite) completed an offering of 3,979,000 stapled units (Units), inclusive of 519,000 Units issued pursuant to the exercise in full of the over-allotment option, at a price of $79.50 per Unit for total gross proceeds of $316,330,500.

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 Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Goldman Sachs Canada Inc. and iA Private Wealth 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 115 investment properties representing approximately 50.4 million square feet of gross leasable area.

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

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

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP also 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,
Arjin Choi (corporate/securities),
Andrew Stirling (tax).