Paul, Weiss is an acknowledged leader among U.S. law firms representing Canadian public and private companies and their underwriters. With almost 50 years of history in Canada and an office in Toronto, our vibrant Canada practice is the largest among U.S. law firms and reflects our long-standing commitment to our clients in their Canadian–U.S. cross-border matters.
Granite Real Estate Completes REIT Conversion
- Client News
- January 3, 2013
Canadian client Granite Real Estate Inc. completed its conversion from a corporate structure to a stapled unit REIT structure. The conversion and related internal reorganization were implemented pursuant to a plan of arrangement under Québec law. Under the plan of arrangement, all of the common shares of Granite were exchanged, on a one-for-one basis, for stapled units, each consisting of one unit of a new REIT, Granite Real Estate Investment Trust, and one common share of a new corporation, Granite REIT Inc. Granite Real Estate Investment Trust and Granite REIT Inc. will, through subsidiaries, continue to carry on the business previously conducted by Granite Real Estate Inc. and its subsidiaries.
On January 4, the stapled units began to trade on the Toronto Stock Exchange under the symbol GRT.UN and on the New York Stock Exchange under the symbol GRP.U. Headquartered in Toronto, Ontario, Granite owns and manages a portfolio of predominantly industrial properties in Canada, the United States, Mexico and Europe.
The Paul, Weiss team advising Granite included corporate partner Edwin Maynard and counsel Stephen Centa; real estate partner Mitchell Berg and counsel Barry Langman; and ERISA partner Lawrence Witdorchic.