Schedule 13G/A: 1832 Asset Mgmt & affiliates hold 5.49M GRP units

Rhea-AI Filing Summary

On 31 July 2025, 1832 Asset Management L.P., Scotia McLeod (a division of Scotia Capital Inc.) and Jarislowsky, Fraser Limited filed Amendment No. 2 to Schedule 13G disclosing their passive ownership in Granite Real Estate Investment Trust ("GRP") as of 30 June 2025.

• Total beneficial ownership: 5,486,846 trust units, equal to 8.75 % of the outstanding class.
• 1832 Asset Management controls 5,311,280 units (8.47 %).
• Scotia McLeod controls 175,015 units (0.28 %).
• Jarislowsky, Fraser controls 551 units (<0.01 %).
• All units are held with sole voting and dispositive power; no shared control reported.
• The filing is made under Rule 13d-1(b), confirming the holdings are passive, ordinary-course investments with no intent to influence management or strategy.

The three Canadian institutions—each affiliated with Scotiabank—certify their regulatory compliance and include a joint filing agreement and powers of attorney. No other material transactions, commitments or changes in ownership structure were disclosed.

Positive

• Scotiabank-affiliated managers collectively hold 8.75 % of GRP units, underscoring sustained institutional confidence and supporting secondary-market liquidity.

Negative

• None.

Insights

Equity Analyst

TL;DR: Scotiabank affiliates disclose 8.75 % passive stake in GRP; supports liquidity, but no strategic implications.

The combined 5.5 million-unit position reinforces Granite REITs strong institutional following, potentially supporting trading volume and valuation stability. Because the securities are reported under Schedule 13G, the filers declare a non-activist stance, limiting immediate strategic impact. The stake size is material (>5 %), yet it is largely unchanged ownership rather than a new purchase, so market reaction should be muted. Investors may view the sustained commitment from a major Canadian asset manager as a sign of confidence in Granites industrial property portfolio, but the disclosure does not alter fundamentals or guidance.

Corporate Governance Specialist

TL;DR: Passive filing signals no control ambitions; governance impact minimal.

Schedule 13G, rather than 13D, tells us the group seeks neither board seats nor policy changes. Each entity retains sole voting/dispositive power, simplifying proxy outcomes and mitigating coordinated influence risks. The 8.75 % block remains below key 10 % regulatory thresholds, avoiding insider-reporting status in most jurisdictions. Consequently, the filing is largely procedural, with limited governance repercussions for Granites unitholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/31/2025 - 05:25 PM Learn about SEC filing dates

FAQ

How many Granite Real Estate Investment Trust (GRP) units do the filers own?

They report 5,486,846 trust units, representing 8.75 % of the outstanding class.

Which institution holds the largest portion of the reported GRP stake?

1832 Asset Management L.P. controls 5,311,280 units, or about 8.47 % of the class.

Is the ownership considered passive or activist?

Filed under Rule 13d-1(b), the stake is passive with no intent to influence control.

Do the filers share voting or dispositive power over GRP units?

No. Each filer reports sole voting and dispositive power; shared power is zero.

Does the filing trigger any insider or control thresholds?

At 8.75 %, the group remains below the 10 % insider threshold, so no additional control filings apply.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

GRANITE REAL ESTATE INVESTMENT TRUST

(Name of Issuer)

TRUST UNITS

(Title of Class of Securities)

387437114

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 387437114

1

Names of Reporting Persons

1832 Asset Management L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,311,280.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,311,280.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,311,280.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.4655 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 387437114

1

Names of Reporting Persons

Scotia McLeod, a division of Scotia Capital Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 175,015.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 175,015.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

175,015.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.279 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 387437114

1

Names of Reporting Persons

Jarislowsky, Fraser Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 551.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 551.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

551.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0009 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: GRANITE REAL ESTATE INVESTMENT TRUST
(b)	Address of issuer's principal executive offices: 77 King Street West, Suite 4010, PO Box 159, TD Centre, Toronto, ONTARIO, CANADA M5K 1H1
Item 2.
(a)	Name of person filing: 1832 Asset Management L.P. Scotia McLeod, a division of Scotia Capital Inc. Jarislowsky, Fraser Limited
(b)	Address or principal business office or, if none, residence: Scotiabank North, 40 Temperance Street, 16th Floor, Toronto, Ontario, M5H 0B4, Canada 40 King St. West, Scotia Plaza, 52nd Floor, Toronto, Ontario, M5W 2X6, Canada 1010 Sherbrooke St. West, 20th Floor, Montreal, Quebec, Canada, H3A 2R7
(c)	Citizenship: Canadian Canadian Canadian
(d)	Title of class of securities: TRUST UNITS
(e)	CUSIP No.: 387437114
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	If filing in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: investment adviser and broker dealer
Item 4.	Ownership
(a)	Amount beneficially owned: 5486846
(b)	Percent of class: 8.75 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5486846
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5486846
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager and Portfolio Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

1832 Asset Management L.P.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Scotia McLeod, a division of Scotia Capital Inc.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Jarislowsky, Fraser Limited

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	07/31/2025

Comments accompanying signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Exhibit Information

Exhibit 1 - Joint Filing Agreement Exhibit 2 - Power of Attorney