Veris Residential, Inc., a multifamily REIT headquartered in Jersey City, said Monday it has agreed to be 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. The deal represents an implied enterprise value of $3.4 billion.
The REIT said the sale represents the culmination of its strategic transformation and a comprehensive review of strategic alternatives, assisted by financial advisors JPMorgan and Morgan Stanley. The company and its advisors engaged with a broad group of potential counterparties, including financial sponsors, sovereign wealth funds, pension funds and multifamily investment platforms.
Mahbod Nia, CEO of Veris, added, “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. Today’s announcement marks the culmination of our strategic transformation into a top-performing pure-play multifamily REIT.”
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