Canada's Granite REIT has acquired three industrial properties in the U.S. and Europe, including an 802,390-square-foot distribution center near Rickenbacker International Airport leased to a subsidiary of Pepsico Inc. for a remaining term of 4.7 years.

The Columbus property of 51.1 acres has the potential to expand by about 200,000 square feet and was completed in 2018.

Granite paid $120 million for the properties, representing an in-going weighted average yield of approximately 5.8 percent.

The other fully leased facilities in the deal are distribution centers located in Mississippi and Born, Netherlands. The properties will be immediately accretive to funds from operations and adjusted funds from operations per unit.

Granite is engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns more than 80 rental income properties representing approximately 34 million square feet of leasable area.