An unknown buyer entered into agreement to acquire nine properties in Ontario and one property in Kentucky from Granite Real Estate Investment Trust (TSX:GRT.UN) for approximately CAD 400 million on January 17, 2018. Two of the special purpose properties located in St. Thomas, Ontario and one located in Bowling Green, Kentucky will be acquired for approximately CAD 334 million. The three properties have net operating income of approximately CAD 24 million. The remaining seven properties will be acquired for CAD 63 million. The seven properties have combined net operating income of CAD 2.8 million. The transaction is subject to customary closing conditions and is expected to close within the next several weeks. The transaction is accretive to Granite’s net asset value by approximately CAD 1.50 per stapled unit. Neal H. Armstrong, Peter A. Glicklich, John M. Ulmer and Heath Martin of Davies Ward Phillips & Vineberg LLP acted as legal advisors to Granite.