Agellan Commercial REIT unit holders approved the company's planned buyout by El-Ad Group Ltd. affiliate Elad Genesis LP for C$14.25 in cash per unit.

The diversified real estate investment trust said that of the votes cast with respect to the proposed deal at its Jan. 10 special unit holder meeting, 20,013,084 voting units were voted in favor, representing approximately 99.68% of the votes cast on the resolution.

The company now plans to seek a final order of the Ontario Superior Court of Justice to approve the deal at an anticipated Jan. 14 hearing.

The transaction is expected to be completed in February, subject to a number of closing conditions.