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Granite REIT outlines recent property deals, extends C$300M term loan

Granite REIT detailed its recent property transactions, including its US$87.9 million acquisition of two multitenant modern distribution buildings in Southaven, Miss.

The properties at 330 and 440 E. Stateline Road encompass 1.7 million square feet on 95 acres of land and are 81% leased.

In November, the company closed its purchase of the 2.3 million-square-foot e-commerce fulfillment center at 1301 Chalk Hill Road in Dallas. The newly built property is fully occupied by an undisclosed global e-commerce provider for an initial lease term of 20 years.

In December, the company closed its US$29.5 million sale of five western Michigan assets.

In the Netherlands, the company is set to buy three facilities with a total leasable floor area of approximately 852,000 square feet for about €89 million. The properties are under construction, with delivery scheduled for mid-2020, and include 1.8 acres of additional land.

In November, the company extended its C$300 million term-loan to Dec. 11, 2026, from Dec. 12, 2025. It also refinanced the related cross-currency interest-rate swap, leading to euro-denominated payments at a 1.355% fixed interest rate. The new, seven-year swap rate is about 85 basis points lower than the previous rate.

The company expects the refinancing to lead to interest expense savings of about C$2.3 million, or 4 Canadian cents of funds from operations per unit, annually.