Granite REIT Announces Acquisition of a EUR129 Million Portfolio in Europe

Toronto (ots/PRNewswire) -

Granite Real Estate Investment Trust ("Granite") announced today
that it has agreed to acquire a European portfolio consisting of
229,000 square meters (2,465,000 square feet) in 7 properties located
in Germany and the Netherlands from funds managed by AEW Europe. The
purchase price is EUR129 million.

The portfolio consists of 7 high quality properties; 4 located in
Germany and 3 located in the Netherlands. Each of the properties is
presently single tenant, 100% occupied, with a flexible design and
multiple enhanced features (security, mezzanines, excess truck and
trailer storage). The clear height of all of the buildings exceeds 34
feet with greater than 37 truck docks per property. The average age
of the properties is 10 years. The 7 tenants include ALSO Actebis,
Kühne + Nagel, Meyer & Meyer, Ricoh, Tchibo, DB Schenker and Van Uden
Logistic with a weighted average lease term of 5 years.

The transaction is subject to customary closing conditions, with a
partial closing (5 properties) anticipated later in September and a
secondary closing of the remaining two properties anticipated in
October 2013. Granite expects to initially fund the purchase through
its line of credit and cash on hand.

Tom Heslip, Granite REIT's CEO, commented that "This is a major
transaction that brings Granite's total acquisitions thus far in 2013
to approximately C$300 million comprising 4.6 million square feet of
state of the art, strong tenanted, well located logistics and
distribution properties and new development sites. Given the diverse
mix of tenants, industries and geographies, these acquisitions
represent significant progress towards our strategic plan objectives
for growth and diversification".

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the ownership and
management of predominantly industrial properties in North America
and Europe. Granite owns approximately 30 million square feet and
over 100 properties. Our tenant base currently includes Magna
International Inc. and its operating subsidiaries as our largest
tenants, together with tenants from other industries.

ABOUT AEW EUROPE

AEW Europe is one of the leading European real estate asset and
investment managers. Together with AEW Capital Management in the
United States and Asia, AEW Europe and its regulated subsidiaries -
AEW Europe LLP, NAMI - AEW Europe and AEW Europe SGP - form a global
real estate platform with more than EUR36 billion in assets under
management (of which EUR17.6 billion is in Europe). AEW has over 30
years experience in the management of real estate funds and separate
institutional mandates with 500 employees in 13 locations around the
world, including head offices in Boston, London, Paris and Singapore.

OTHER INFORMATION

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 http://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
http://www.sec.gov.

FORWARD-LOOKING STATEMENTS

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 Granite's future
plans, goals, strategies, intentions, beliefs, estimates, costs,
objectives, economic performance or expectations, or the assumptions
underlying any of the foregoing. 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. 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 Granite'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 risks set forth in the ''Risk Factors'' section in
Granite REIT's Annual Information Form for 2012, filed on SEDAR at
http://www.sedar.com and on EDGAR at http://www.sec.gov, which
investors are strongly advised to review. The ''Risk Factors''
section also contains 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, Granite 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 otherwise.

For further information:

please see our website at http://www.granitereit.com or contact
Tom Heslip, Chief Executive Officer, at +1-647-925-7539 or Michael
Forsayeth, Chief Financial Officer, at +1-647-925-7600.

ots Originaltext: Granite REIT
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