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Granite REIT to sell 2 properties to Magna International for US$207M

Granite REIT is selling its two remaining special purpose properties in the United States to subsidiaries of auto parts manufacturer Magna International Inc. for about US$207 million.

The buyers exercised their rights of first refusal to purchase the properties in Piedmont, S.C., and Clinton, Tenn., in response to a third party offer.

The properties spread across nearly 1.6 million square feet and generate net operating income of approximately US$14.2 million.

Pro forma, the sale will reduce the Canadian real estate investment trust's exposure to Magna to 49% based on gross leasable area, Granite CEO Michael Forsayeth said in a release.

The transaction is expected to close in the third quarter, subject to certain conditions.