First Capital Realty Inc. received shareholder approval for its proposal to convert into a real estate investment trust from a corporation during its Dec. 10 special meeting.

The Canadian real estate company said more than 98% of the votes cast at its Dec. 10 special shareholder meeting were in favor of the proposal.

The company will rebrand as First Capital REIT by way of a plan of arrangement, which is set to close Dec. 30, subject to final court approval expected on Dec. 16.