Granite REIT extends C$300 million term loan one year to 2026

By Rebecca Melvin

New York, Dec. 20 – Granite Real Estate Investment Trust has extended its C$300 million term loan by one year to Dec. 11, 2026 at the same terms of the original agreement. It has also refinanced a related cross-currency interest rate swap

On Nov. 27, Granite extended the term loan and refinanced the related cross-currency interest rate swap. The previously existing euro swap was terminated and Granite entered into a new seven-year cross-currency interest rate swap resulting in euro-denominated payments at a 1.355% fixed interest rate, approximately 85 basis points lower than the previous rate.

The refinancing is expected to result in interest expense savings of about C$2.3 million, or C$0.04 of funds from operations per unit, annually.

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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