Granite Real Estate Inc. announced that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement under which the company plans to convert to a real estate investment trust. The Court found that the arrangement is fair and reasonable. Subject to satisfaction or waiver of certain other closing conditions, Granite expects the REIT Conversion to be completed on or about December 31, 2012.
Granite is engaged in the ownership and management of predominantly industrial properties in Canada, the United States, Mexico and Europe. The company owns and manages approximately 28 million square feet in 104 rental income properties. Their tenant base currently includes operating subsidiaries of Magna International Inc. as their largest tenants, together with tenants from other industries.