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Granite REIT renews normal course issuer bid

The Toronto Stock Exchange approved Granite REIT's notice of intention to renew its normal course issuer bid to buy back for cancellation up to 3,939,255 of its issued and outstanding stapled units.

The units, translating to about 10% of the total float of the industrial real estate investment trust as of April 30, will be purchased from time to time over the course of the next 12 months, starting May 18.

Under its previous normal course issuer bid, the company purchased 1,474,493 of its stapled units at a weighted average price of about C$49.49 per unit.