UPDATE 2-Affinius‑led consortium to buy Veris Residential in $3.4 billion all‑cash deal
Veris Residential, Inc. VRE | 18.90 18.90 | 0.00% 0.00% Pre |
Kennedy-Wilson KW | 10.90 10.90 | 0.00% 0.00% Pre |
Adds details throughout and updates share price
Feb 23 (Reuters) - U.S. multifamily REIT Veris Residential VRE.N said on Monday it agreed to be acquired by a consortium led by Affinius Capital and Vista Hill Partners in an all-cash deal for an enterprise value of about $3.4 billion.
Under the deal, Veris shareholders will receive $19 for each share they hold, the company said, representing a 13.3% premium to its last closing share price.
Shares of the company were up nearly 13% in premarket trading.
Private equity firms and real estate consortiums are increasingly targeting REITs for take-private deals, capitalizing on discounted share prices and stable assets, with multifamily, industrial and office investment trusts being frequent buyout candidates.
Real estate investment firm Kennedy-Wilson KW.N this month also agreed to be taken private by a consortium led by its CEO William McMorrow and Fairfax Financial FFH.TO for about $1.5 billion.
