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2 proxy advisers back Slate Office REIT's proposed Canadian portfolio buy

Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis and Co. LLC recommended that Slate Office REIT unit holders vote in favor of the company's C$191.4 million acquisition of a Canadian office portfolio from fellow diversified real estate investment trust Cominar Real Estate Investment Trust.

In making the recommendation, the firms said the seven assets to be acquired under the proposed deal will add 995,091 square feet of gross leasable area to Slate Office's portfolio, raise the occupancy of its portfolio by about 1 percentage point and further diversify its tenants, among other benefits.

Slate Office's board unanimously approved the proposed deal and recommended that unit holders vote in its favor at the company's special unit holder meeting scheduled for March 8.