Veris Residential Inc. (NYSE: VRE) a Northeast-focused multifamily real estate investment trust, announced it is being acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners in an all-cash transaction for $19.00 per share of Veris common stock, a $3.4 billion transaction.
“Over the past five years, we have undertaken meaningful steps to pivot away from office, simplifying and focusing the business, strengthening our balance sheet and enhancing our operational platform,” said Veris CEO Mahbod Nia. “Today’s announcement marks the culmination of our strategic transformation into a top-performing pure-play multifamily REIT with core, Class A properties concentrated in premier US residential markets and our stated objective of realizing intrinsic value on behalf of our shareholders. I would like to thank our remarkable employees for their hard work, dedication and invaluable contributions over the past five years.”
Following the closing of the transaction, Veris’ common stock will no longer be listed on the NYSE. The stakeholders in the deal did not disclose if there would be significant personnel changes after the acquisition is completed.
