Kushner Cos., the New York City-based firm with a huge presence in New Jersey, has made an unsolicited proposal to gain control of Veris Residential — either by managing it externally or acquiring the company for $16 a share.
Veris Residential, which reported the offers Friday morning, said its board of directors is reviewing the offers. Veris, which closed Thursday at $12.42 a share, is up approximately $3 a share overnight.
“Veris Residential’s board of directors is evaluating Kushner Cos.’ latest proposals — in consultation with its financial and legal advisers — and will respond to these proposals in due course, just as it has carefully evaluated and responded to all other proposals Kushner Cos. has put forth to date,” the real estate investment trust said in a release.
“Consistent with its fiduciary duties, the board will determine the best path forward with the interests of maximizing value for all Veris Residential shareholders in mind.”
Veris, formally Mack-Cali Realty Corp., is the largest multifamily holder in New Jersey — a transition it has been making in recent years as it sells off its office holdings.
The company describes itself as a forward-thinking, environmentally- and socially- conscious 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.
Kushner Cos., founded by Charles Kushner, is led by CEO Laurent Morali and President Nicole Meyer.
It is incredible active in the multifamily asset class.
Among other recent announcements, Kushner Cos. broke ground in June on One Journal Square, a transformative two-tower mixed use project in Jersey City that will feature 1,723 rental residences, 45,000 square feet of upscale amenities and 40,000 square feet of ground-floor retail space.
The company is aiming to complete the nearly billion-dollar project in 2026.