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Granite REIT upsizes bought-deal trust unit offering

Granite REIT increased the size of its recent bought-deal equity offering to 4.0 million stapled units from 3,125,000 stapled units. The units are priced at C$64.00 apiece for gross proceeds of about C$256 million.

The offer is expected to close by Oct. 31, subject to customary closing conditions.

The real estate investment trust, along with Granite REIT Inc., granted an additional 30-day option to the underwriters to buy up to 600,000 additional units at the same price, which could increase the gross proceeds from the offering to approximately C$294.4 million if exercised in full.

Each stapled unit comprises a trust unit of Granite REIT and a common share of Granite REIT Inc.

Net proceeds from the offering are expected to be used to partially fund recent acquisitions, to fund commitments under the REIT's existing development projects, for potential future acquisitions and for general trust purposes.

BMO Capital Markets and TD Securities Inc. are leading a syndicate of underwriters for the offering.