Veris Residential, Inc., a real estate investment trust based in Jersey City that used to be known as Mack-Cali Realty Corp., confirms that it has received a takeover offer from Kushner Companies, the real estate company that formerly was headed by Donald Trump’s son-in-law Jared Kushner.
Veris includes among its properties the apartment building Quarry Place at 64 Midland Place in Tuckahoe.
Veris confirmed receipt of unsolicited proposals from Kushner Companies to externally manage the company or to acquire the company for $16.00 per share. It would amount to a price of between $1.4 billion and $1.5 billion. Veris said that it is evaluating the proposals from Kushner.
Verris describes itself as a “socially-conscious real estate investment trust (REIT) that primarily owns, operates, acquires, and develops holistically-inspired, Class A multifamily properties that meet the sustainability-conscious lifestyle needs of today’s residents while seeking to positively impact the communities it serves and the planet at large.”
In a letter to the board of directors of Veris, Kushner Companies said, “We have nearly 40 years of experience investing, managing, and developing in this competitive arena, generating billions of dollars in profits for our stakeholders. Kushner currently operates 20,000 multifamily apartments, 10,000 units under development, and a substantial commercial portfolio, on behalf of a diverse group of investors. We have spent decades building an organization led by talented on-the-ground executives who have successfully created value for investors in Veris’ core markets for decades.”
Kushner’s letter also expressed its belief that the offer would not likely be matched in the foreseeable future.
“We have no choice but to make our proposals public so that we can make all Veris shareholders aware that there are more viable alternatives to the current and continuing path Veris is on,” the Kushner letter said. “The board can choose to help its shareholders achieve an immediate return on their investment at $16 per share, a price not likely to be seen again any time soon based on the current trajectory of Veris operations, or the board can try to engage with a major shareholder and best-in-class operator in Veris’ core markets to finally turn things around and create real tangible value for Veris shareholders over the longer term.”
