SAN ANTONIO AND JERSEY CITY, N.J. — An investor group led by Affinius Capital has completed its acquisition of Veris Residential (NYSE: VRE). The acquisition was announced earlier this year and is now complete. Veris, a San Antonio-based publicly traded REIT, was removed May 27 from the New York Stock Exchange. Affinius and its partners, including Vista Hill Partners, have acquired all outstanding shares of common stock of Veris in an all-cash transaction representing an enterprise value of approximately $3.5 billion.
Veris shareholders will receive $19 for each share owned. Veris framed the sale as the culmination of its multi-year transformation from an office-heavy REIT into a pure-play Class A multifamily owner, with the transaction intended to provide value for shareholders. Veris closed the day May 22 at $19 compared with $14.47 per share one year prior. Reuters reported that the deal also reflected broader investor interest in taking undervalued REITs private.