Granite Real Estate Investment Trust (formerly MI Developments Inc.) is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. It was originally composed principally of former holdings of Magna International.
History
Granite was originally a part of Magna International and was spun-off as a public company known as MI Developments in 2003.[1] MI Developments was indirectly controlled by Frank Stronach, founder of Magna, through a multiple voting share structure.[2] In 2009, Magna Entertainment Corporation, which was majority owned by MI Developments, went bankrupt.[2] In the preceding years, MI Developments had provided significant debt financing to MEC, often against the wishes of many of its shareholders, who alleged that the transfers benefited Frank Stronach at the expense of MI Developments.
In 2011, Frank Stronach gave up control of MI Developments.[3]