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Granite REIT to pay €54M for German property

Canada's Granite REIT agreed to purchase an approximately 717,000-square-foot warehouse and logistics property in Erfurt, Germany, for €53.9 million in a deal expected to close in the third quarter.

The 100%-leased property's primary tenant is LGI TechLog GmbH, a unit of supply chain management and e-commerce logistics service provider Elanders Group.

Granite REIT will use cash on hand and its credit facility to fund the acquisition.

The industrial real estate investment trust also agreed to sell its office properties in Aurora, Ontario, that serve as the corporate headquarters for Magna International Inc. for gross proceeds of C$60 million.

Granite REIT expects to close the deal toward the end of the third quarter.