The long-anticipated Veris Residential $3.4B takeover moved a decisive step closer to reality Monday as Veris Residential Inc. announced its board has approved a $3.4 billion all-cash acquisition by an investor group led by Affinius Capital.
The deal, guided by six law firms and a roster of Wall Street heavyweights, signals the final act in a corporate transformation that reshaped the real estate investment trust from an office-focused landlord into a streamlined multifamily powerhouse.
Premium Price Caps Strategic Shift
Under the agreement, the Affinius-led consortium — which includes Vista Hill Partners and GIC Real Estate Inc. — will pay $19 per share, valuing Veris at $3.4 billion.
The offer represents a 23.3% premium over Veris’ Feb. 4 closing share price and a 27.5% premium to the 30-day weighted average through Feb. 5, according to the announcement.
The all-cash transaction is expected to close in the second quarter of 2026.
“Over the past five years, we have undertaken meaningful steps to pivot away from office,” CEO Mahbod Nia said, describing a strategy that simplified operations, strengthened the balance sheet and sharpened the company’s residential focus. He called the agreement the culmination of Veris’ reinvention into a “top-performing, pure-play multifamily REIT” concentrated in premier U.S. residential markets.
Board Chair Tammy Jones noted the transformation began in 2020, when the board was reconstituted and set the REIT on its course away from office properties and toward multifamily housing.
