{"id":143422,"date":"2026-02-24T02:49:17","date_gmt":"2026-02-24T02:49:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/143422\/"},"modified":"2026-02-24T02:49:17","modified_gmt":"2026-02-24T02:49:17","slug":"veris-to-be-acquired-by-affinius-capital-led-group-in-3-4-billion-all-cash-deal-real-estate-nj","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/143422\/","title":{"rendered":"Veris to be acquired by Affinius Capital-led group in $3.4 billion all-cash deal \u2013 Real Estate NJ"},"content":{"rendered":"

Veris Residential Inc.\u2019s newest properties in New Jersey include Haus25 at 25 Christopher Columbus Drive in Jersey City \u2014 Courtesy: Veris Residential Inc.<\/p>\n

By Joshua Burd<\/p>\n

An investor group led by Affinius Capital is acquiring Veris Residential Inc., in a $3.4 billion deal that will take the company private after its high-profile, multiyear pivot from the iconic former Mack-Cali Realty Corp.<\/p>\n

Based in Jersey City, the real estate investment trust announced Monday that it has entered into a definitive merger agreement to be acquired by an investor consortium, which Affinius leads in partnership with Vista Hill Partners. The all-cash deal equates to $19 per share of Veris common stock, Veris said, calling it a culmination of its strategic transformation and a comprehensive review of strategic alternatives conducted by the company with assistance from J.P. Morgan and Morgan Stanley & Co. LLC.<\/p>\n

The company\u2019s board of directors has unanimously approved the merger, which is expected to close in the second quarter of 2026 and is subject to approval by Veris\u2019 shareholders and other customary closing conditions. Notably, Vista Hill Partners\u2019 leadership includes Bradford Klatt, co-founder and managing partner of Roseland Property Co. and Canoe Brook Partners of Roseland, and Jonathan Kushner, president of Jersey City-based Kushner Real Estate Group.<\/p>\n

\u201cSince the reconstitution of the board in 2020, Veris has undergone a remarkable transformation into a sector-leading, pure-play multifamily REIT,\u201d said Tammy K. Jones, chair of Veris\u2019 board of directors. \u201cThroughout this period, the board has remained focused on enhancing value for shareholders, executing on initiatives that drive operational improvements while divesting non-strategic assets. After a comprehensive review process conducted with independent financial and legal advisors, the board unanimously determined the all-cash transaction delivers compelling value and certainty to shareholders with an immediate cash premium.<\/p>\n

\u201cOn behalf of the board, I want to recognize the management team for their extraordinary commitment to this transformation and to delivering this outcome for our shareholders.\u201d<\/p>\n

The agreement comes nearly five years after the former Mack-Cali rebranded to Veris Residential<\/a>, a high-profile step that came as the real estate investment was transforming its portfolio and its financial position. That included selling billions of dollars\u2019 worth of suburban office space<\/a> in New Jersey and elsewhere that defined Mack-Cali for decades and leaning into its growing multifamily platform.<\/p>\n

The company, which also sold off pieces of its flagship Harborside campus<\/a> in Jersey City, also spent years overhauling its board and its front office, moves that rippled through the state\u2019s commercial real estate sector.<\/p>\n

Veris on Monday said it began a potential sales process after inbound interest, engaging a broad group of potential counterparties, including financial sponsors, sovereign wealth funds, pension funds and multifamily investment platforms, according to a news release. The transaction price reflects a 23.2 percent premium to its unaffected closing share price on Feb. 4, 2026, and a 27.5 percent premium to the company\u2019s 30-day volume weighted average price for the period ended Feb. 4.<\/p>\n

\u201cOver 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,\u201d Veris CEO Mahbod Nia said. \u201cToday\u2019s announcement marks the culmination of our strategic transformation into a top-performing pure-play multifamily REIT with Core, Class A properties concentrated in premier U.S. 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.\u201d<\/p>\n

Affinius Capital is an integrated institutional real estate investment firm focused on value creation and income generation, with $61 billion in assets under management and a diversified portfolio of equity and credit investments across North America and Europe that has included more than $12 billion in U.S. multifamily acquisitions and developments representing some 33,000 units, according to Monday\u2019s announcement. Founded by Klatt, Vista Hill Partners is a real estate investment and development firm focused on acquiring and enhancing distinctive property portfolios within clustered real estate markets, whose leadership brings more than 35 years of experience in the acquisition, repositioning and development of high-value assets across the Northeastern United States, Texas and Europe.<\/p>\n

Mack-Cali announces rebrand, eyeing full-fledged apartment platform and ESG goals<\/a><\/p>\n

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