Canadian industrial real estate investment trust Granite REIT and Granite REIT Inc. are offering 3,125,000 stapled units on a bought-deal basis at C$64.00 apiece for gross proceeds of about C$200 million.
The offering comes with a 30-day overallotment option for the underwriters to acquire up to 468,750 additional units. Each unit consists of one trust unit of the REIT and one common share of Granite REIT Inc.
The REIT aims to use the net proceeds to partly finance its recent acquisitions, commitments under its current development projects, potential future purchases and for general trust purposes.
BMO Capital Markets and TD Securities Inc. are leading a syndicate of underwriters for the offering, which is expected to close on or about Oct. 31.