TORONTO, Nov. 20, 2012 /CNW/ - Granite Real Estate Inc. (TSX: GRT; NYSE: GRP) (''Granite'' or the ''Company'') announced today that the Superior Court
of Quebec has issued a final order approving the previously announced
plan of arrangement under which the Company plans to convert to a real
estate investment trust (the "REIT Conversion"). The decision of the
Court followed a hearing held today. The Court found that the
arrangement is fair and reasonable.
Subject to satisfaction or waiver of certain other closing conditions,
Granite expects the REIT Conversion to be completed on or about
December 31, 2012.
Granite is a Canadian-based real estate company engaged in the ownership
and management of predominantly industrial properties in Canada, the
United States, Mexico and Europe. The Company owns and manages
approximately 28 million square feet in 104 rental income properties.
Our tenant base currently includes operating subsidiaries of Magna
International Inc. as our largest tenants, together with tenants from
Copies of financial data and other publicly filed documents are
available through the internet on Canadian Securities Administrators'
Systems for Electronic Document Analysis and Retrieval (SEDAR) which
can be accessed at www.sedar.com and on the United States Securities and Exchange Commission's
Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which
can be accessed at www.sec.gov. For further information about Granite, please see our website at www.graniterealestate.com.
This press release may contain statements that, to the extent they are
not recitations of historical fact, constitute ''forward-looking
statements'' within the meaning of applicable securities legislation,
including the United States Securities Act of 1933 and the United
States Securities Exchange Act of 1934. Forward-looking statements may
include, among others, statements regarding the Company's future plans,
goals, strategies, intentions, beliefs, estimates, costs, objectives,
economic performance or expectations, or the assumptions underlying any
of the foregoing. In particular, this press release contains
forward-looking statements regarding our proposed conversion to a REIT.
Words such as ''may'', ''would'', ''could'', ''will'', ''likely'',
''expect'', ''anticipate'', ''believe'', ''intend'', ''plan'',
''forecast'', ''project'', ''estimate'' and similar expressions are
used to identify forward-looking statements. Forward-looking statements
should not be read as guarantees of future events, performance or
results and will not necessarily be accurate indications of whether or
the times at or by which such future performance will be achieved.
Undue reliance should not be placed on such statements. In particular,
Granite cautions that the timing or completion of the REIT Conversion
cannot be predicted with certainty, there can be no assurance at this
time that all required or desirable approvals and consents to effect
the REIT Conversion will be obtained in a timely manner or at all and
there can be no assurance that the anticipated reduction in cash income
taxes payable following the REIT Conversion will be realized.
Forward-looking statements are based on information available at the
time and/or management's good faith assumptions and analyses made in
light of our perception of historical trends, current conditions and
expected future developments, as well as other factors we believe are
appropriate in the circumstances, and are subject to known and unknown
risks, uncertainties and other unpredictable factors, many of which are
beyond the Company's control, that could cause actual events or results
to differ materially from such forward-looking statements. Important
factors that could cause such differences include, but are not limited
to, the risk of changes to tax or other laws that may adversely affect
the REIT Conversion; inability of Granite to implement a suitable
structure for the REIT Conversion; the inability to obtain all required
consents and approvals for the REIT Conversion; the inability to
realize the anticipated reduction in cash income taxes payable
following the REIT Conversion and the risks set forth in the ''Risk
Factors'' section in the Company's management information
circular/proxy statement with respect to the REIT Conversion and in the
Company's Annual Information Form for 2011, each filed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, which investors are strongly advised to review. The ''Risk Factors''
sections also contain information about the material factors or
assumptions underlying such forward-looking statements. Forward-looking
statements speak only as of the date the statements were made and
unless otherwise required by applicable securities laws, the Company
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements contained in this press
release to reflect subsequent information, events or circumstances or
SOURCE: Granite Real Estate Inc.
For further information:
Persons with questions about the REIT Conversion are encouraged to visit the "REIT Conversion Frequently Asked Questions" section of the Company's website at www.graniterealestate.com or to contact the Company at email@example.com or (647) 925-7550 for assistance.