Granite REIT (GRT-UN-T) has acquired five properties in the U.S. for approximately $256.1 million, adding 1.2 million square feet of distribution facilities in Texas and Florida to its global portfolio.

The transactions, announced Wednesday afternoon but which had closed on Dec. 17, include four properties totalling one million square feet at 7865-7909 Northcourt Rd. in Houston, and the 200,000-square-foot 201 NW 22nd Ave. in Fort Lauderdale, Fla.

The Texas buildings were purchased for $167.6 million, while the Florida distribution facility was acquired for $88.5 million.

Additionally, Toronto-based Granite announced an acquisition within the Brackmills Industrial Estate in Northampton, U.K. The REIT purchased the 200,000-square-foot distribution facility on Dec. 1 for $36.2 million. Once the current tenancy expires in two years, Granite plans to redevelop the 15-acre site into a state-of-the-art 300,000-square-foot distribution facility. 

Granite also disposed of three U.S. properties for $189.5 million, bringing its total recent transaction activity to approximately $482 million.

The acquisitions were funded via a combination of net proceeds from the dispositions, cash on hand and borrowing on Granite’s credit facility.

The transactions “reflect a successful execution and rebalancing of the portfolio, including our re-entry into the United Kingdom, which we expect in the near term, to generate accretive income and net asset value growth for our unitholders,” Kevan Gorrie, Granite’s president and CEO, said in the announcement.

Granite is a developer, owner and manager of logistics, warehouse and industrial properties in North America and Europe. Today, the company owns 147 investment properties representing approximately 62.6 million square feet of leasable area.

Properties close to highways, logistics hubs

The strategic locations of the properties were highlighted by Granite.

The Houston properties are located just north of Highway 290 and inside Beltway 8. The buildings benefit from the “Northwest submarket’s historically strong demand, low vacancy and near-term mark-to-market income growth potential,” Granite says.

The Fort Lauderdale building is described as a last-mile facility “strategically located with immediate access to the I-95.” It is only 1.5 miles from downtown Fort Lauderdale and Fort Lauderdale International Airport.

Brackmills Industrial Estate is close to the M1 motorway and is within the Golden Triangle, one of the U.K.’s key regional distribution areas.

New leases in the U.S.

Following the acquisitions and dispositions, Granite’s liquidity stands at approximately $900 million. The REIT expects to reduce its current credit facility balance with future asset dispositions and operating cash flow throughout 2026.

Granite also revealed that in Q4 2025 it entered into a new lease and a lease expansion for approximately 769,000 square feet of previously vacant space in the U.S. The properties are:

• An approximately 712,800 square foot development property in Avon, Ind. Granite signed a new lease for the property under an 188-month term with a global material handling company that started Dec. 5.
• A lease expansion for approximately 56,000 square feet of space at a 122,500-square-foot property in Lebanon, Tenn. under a 91-month term with a national packaging company starting Dec. 31.