TORONTO, Aug. 9, 2013 /PRNewswire/ – Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE:
GRP.U) today announced that it has closed its acquisition of a 600,000 square
foot logistics-distribution facility in West Chester (Cincinnati), Ohio
from Fifth & Pacific Companies, Inc. (NYSE: FNP) at a purchase price of
U.S. $21.0 million. The agreement to acquire the property was
previously announced on July 30, 2013.

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.

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 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 www.sec.gov. For further information, please see our website at www.granitereit.com or contact Tom Heslip, Chief Executive Officer, at 647-925-7539 or
Michael Forsayeth, Chief Financial Officer, at 647-925-7600.

SOURCE Granite REIT