05:00 PM EDT, 04/03/2024 (MT Newswires) -- NexLiving Communities ( NXLCF ) on Wednesday said shareholders voted to approve the company's acquisition of a portfolio of multi-family assets in eastern Ontario and Quebec consisting of 16 properties and 991 units from Devcore Group.

The company said in January it would acquire the properties, nearly doubling the size of its portfolio, for shares worth C$31.7 million, giving Devcore a 49% stake in NexLiving.

The company is awaiting final exchange approvals for the acquisition, as well as the satisfaction or waiving of conditions, including "certain regulatory and lender approvals". It is expected to close before the end of June.

Approximately 93.5% of shareholders voted in favour of the transaction resolution in person and by proxy today.

NexLiving shares closed down C$0.05 to C$1.80 on the TSX Venture Exchange.