Granite REIT's operating partnership, Granite REIT Holdings LP, closed its C$400 million offering of 3.873% series 3 senior debentures due 2023 on Dec. 20.

The unit used some of the proceeds to redeem in full its C$200 million aggregate principal amount outstanding of 4.613% series 1 senior debentures due 2018.

The unit also used some of the proceeds to repay its credit facility, such that Granite's entire property portfolio is now unencumbered.