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Affinius-Led Consortium Taking Veris Residential Private in $3.4B Deal

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, said, “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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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