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Granite REIT Enters into $500 Million Unsecured Credit Facility

Published: 02/01/2018

Team: Charles Newman, Amanda Scolieri, John T.C. Christian

On February 1, 2018, Granite Real Estate Investment Trust entered into an unsecured senior syndicated revolving credit facility in the amount of $500 million.  The credit facility has a five year term and may be drawn by way of advances in both Canadian and U.S. dollars, as well as in Euros. The proceeds of the credit facility were used to repay Granite’s existing $250 million credit facility and will also be available for general corporate and working capital purposes as well as property acquisitions and development financing.

Cassels Brock acted as counsel to Granite with a team that included Charles Newman and Amanda Scolieri (Financial Services) and John Christian (Business Law).  Lavery de Billy acted as Quebec counsel to Granite.