Granite REIT (NYSE:GRP.U) released solid third quarter results this past Wednesday but the shares traded down to end the week, providing a compelling buying opportunity. Granite is a Canadian-based REIT, which owns and manages predominantly industrial properties in North America and Europe.
In 2003, Magna International Inc. (NYSE:MGA) spun off its real estate assets as MI Developments. MI Developments owned Magna's factories and offices, but like Magna, Frank Stronach's super voting shares effectively gave him control. This, combined with a large stake in Stronach's money losing pet project Magna Entertainment (mostly horse racetracks), didn't exactly instill investor confidence. Fast forward to 2011, after a prolonged battle with activist investors including David Einhorn, the company...
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