Granite REIT agrees lease extension at Graz, Austria
Granite Real Estate Investment Trust has agreed a lease extension with Magna Steyr at its Thondorf facility in Graz, Austria.
The lease expiry date for the approximately 3.85 million square foot facility, the larger of Granite's two facilities in Graz, has been extended from 31 December 2017 to 31 January 2024.
Thondorf is Granite's largest property, as measured by both annualised lease payments and square footage, and it accounts for approximately 10 per cent of Granite's total annualised lease payments.
In connection with the extension the current rental rate will remain fixed for the balance of the term and Granite will pay a one-time tenant allowance in the amount of EUR25m.
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