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Slate Office unit holders OK C$191M portfolio acquisition

Slate Office REIT's unit holders approved the company's C$191.4 million acquisition of a seven-asset portfolio at its special meeting held March 8.

The acquisition price will be partially funded from the sale proceeds of subscription receipts that were sold for gross proceeds of roughly C$103.5 million in late January.

The acquisition of the portfolio, located in the Greater Toronto Area and Atlantic Canada, is expected to close by the end of March.

Proxy advisory firms Institutional Shareholder Services Inc. and Glass Lewis and Co. LLC recently recommended that Slate Office unit holders vote in favor of the office portfolio acquisition.