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Granite REIT lands C$300M non-revolving term facility

Canada's Granite Real Estate Investment Trust obtained a C$300 million committed seven-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 2.20% fixed interest rate via a cross-currency interest-rate swap.

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