US multifamily REIT Veris Residential has agreed to be taken private in an all-cash deal valued at $3.4bn, including debt, by a consortium led by Affinius Capital and Vista Hill Partners, the company announced on Monday, according to a report by Reuters.
Under the terms, Veris shareholders will receive $19 per share, a 13.3% premium to the stock’s last closing price. Shares rose to $18.88 in premarket trading following the announcement. The transaction is expected to close in Q2 2026, subject to shareholder approval and customary closing conditions.
The deal will be financed through a combination of equity and debt, including a $2.08bn bridge loan. Veris will suspend its dividend after the first-quarter payment ending 31 March.
The move comes after a five-year strategic push by Veris to exit office assets and streamline operations. The REIT, formerly known as Mack-Cali Realty, has undertaken asset sales, debt reduction, and operational improvements, yet its shares have traded below the value of its underlying property portfolio.
The transaction follows a broader trend of private equity and real estate investors targeting publicly traded REITs, taking advantage of discounted valuations and stable cash flows. Earlier this month, Kennedy-Wilson agreed to a take-private deal worth $1.5bn.
Financial advisers to Veris include JP Morgan and Morgan Stanley, with legal counsel from Weil, Gotshal & Manges and Seyfarth Shaw. Affinius Capital focuses on institutional real estate investments, while Vista Hill Partners specialises in targeted property opportunities.
