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Granite REIT lands US$185M unsecured term facility

Granite Real Estate Investment Trust obtained a US$185 million committed four-year senior unsecured non-revolving term facility.

The industrial REIT exchanged the principal and interest payments from the term loan for euro-denominated payments at an all-in 1.225% fixed interest rate via a cross-currency interest-rate swap.

The company plans to use the net proceeds from the loan for general corporate purposes, including funding development and property purchases.