Granite REIT refinances $185 million term loan, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, Oct. 21 – Granite Real Estate Investment Trust refinanced its $185 million committed term loan facility, extending its maturity date by two years to Dec. 19, 2024, according to a news release.

The previously existing cross-currency interest rate swap relating to the company’s U.S. term loan was terminated on Sept. 24 and blended into a new cross-currency interest rate swap starting Oct. 21, resulting in euro-denominated payments at a 0.522% fixed interest rate, a decrease of about 70 basis points from the previous rate.

Granite REIT said the refinancing is expected to result in interest expense savings of about C$1.6 million a year.

Granite REIT is a Toronto-based real estate investment trust that owns and manages mostly industrial, warehouse and logistics properties in North America and Europe.

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