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Granite REIT is an industrial REIT with a well-located portfolio of modern properties in North America and Europe. Despite a weak real estate market, rents for desirable industrial space are still rising with Granite obtaining 14 per cent rent lifts on 2024 renewals. With Granite having abnormally low leverage for a REIT of 32 per cent and shares trading at a 25 per cent NAV discount, we think shares are attractively valued.
Is selling at 75% of the NAV of the real estate. Also debt is 30% of its NAV, half of its peers. They can buy new buildings. They're in industrial real estate which remains in high demand.