Granite Real Estate’s shareholders have approved the company's conversion to a real estate investment trust.

The Reit conversion was approved by 99.8 per cent of the votes cast by holders of Granite's common shares at a special meeting of shareholders.

Implementation of the Reit conversion remains subject to approval by the Superior Court of Quebec at a fairness hearing which is scheduled to be held on 20 November 2012 and to satisfaction or waiver of certain other conditions.