Agellan Commercial REIT said independent proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis & Co. LLC are recommending Agellan unit holders vote in favor of the special resolution approving the plan of arrangement, under which Elad Genesis Ltd. or its affiliates will acquire the trust units in Agellan that they do not already own for C$14.25 per unit.

The deal values Agellan at roughly C$680 million, including debt.

The diversified real estate investment trust's board and the special committee of independent trustees have expressed their unanimous approval for the plan and are similarly recommending for its approval during the special meeting scheduled for Jan. 10, 2019.