Affinius Capital to Acquire Veris Residential in $3.4B Deal
An investor consortium led by Affinius Capital has agreed to acquire Veris Residential, a major multifamily REIT, for $3.4 billion in cash. The all-cash transaction was unanimously approved by Veris’s board of directors. The deal highlights ongoing private equity and institutional investor interest in large-scale, stable real estate platforms.
- The all-cash offer of $19.00 per share represents a 23.2% premium to Veris Residential's unaffected closing share price on February 4, 2026. - This acquisition marks the conclusion of a significant strategic transformation for Veris Residential, which was formerly known as Mack-Cali Realty Corporation and has transitioned from a diversified office REIT to a pure-play multifamily real estate investment trust. - The deal's financing structure includes a combination of equity and debt, notably a $2.08 billion committed senior secured bridge loan facility. - The transaction is the result of a comprehensive review of strategic alternatives by Veris Residential's board, assisted by financial advisors J.P. Morgan and Morgan Stanley & Co. LLC, who engaged with a wide range of potential buyers including financial sponsors, sovereign wealth funds, and pension funds. - The acquiring consortium is led by Affinius Capital, an institutional real estate investment firm, in partnership with Vista Hill Partners. One of Veris Residential's significant shareholders, Bow Street LLC, which owns approximately 5.6% of the company's shares, has agreed to vote in favor of the transaction. - Before the acquisition, Veris Residential had been actively selling non-strategic assets to reduce debt, selling over $2.5 billion in assets since the first quarter of 2021 to focus on its portfolio of Class A multifamily properties. - The acquisition is part of a broader trend of "take-private" deals for publicly traded REITs, which have been trading at a discount to their net asset value, making them attractive targets for private equity and institutional investors.
