Kushner Cos. Offers to Buy Rival Real Estate Company
Kushner Cos. is making an unsolicited bid for
Veris Residential Inc.,
an owner primarily of New Jersey rental apartments, in a deal that would value Veris at about $4.3 billion including debt, according to a person familiar with the matter.
Kushner, best known as
Jared Kushner’s
family real-estate company, offered $16 a share for the real-estate investment trust, the person said. The shares of the company, formerly known as Mack-Cali Realty Corp., closed up 0.81% to $12.42 on Thursday.
A letter to Veris disclosing the bid, which was viewed by The Wall Street Journal, says that Kushner is making the takeover offer partly because the Veris board didn’t respond to an offer to manage the Veris properties.
“Our attempts at fruitful engagement with the board and management over the last several months have effectively been ignored,” chairman
Charles Kushner
wrote in the letter. Mr. Kushner is the father of Jared Kushner, who is former President
Donald Trump’s
son-in-law and a former senior White House aide.
Kushner, which was a major investor in New York real estate in the years leading up to the financial crisis, in recent years has shifted its focus to amassing a national portfolio of rental apartments.
If the company is successful in taking over Veris, it would add about 7,700 units to its portfolio of about 21,000 apartments in 14 states.
Kushner has amassed close to a 5% stake in Veris, according to the person familiar with the matter. The letter said that Kushner was open to reaching a deal with Veris to manage its properties rather than buying the shares in the company that it doesn’t already own. Kushner said it would be able to improve on Veris’ management while cutting costs, according to the letter.
Jared Kushner no longer works for his family’s real-estate business. After leaving the White House, he started a Miami-based investment firm named Affinity Partners.
Write to Peter Grant at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Kushner Cos. is making an unsolicited bid for
Veris Residential Inc.,
an owner primarily of New Jersey rental apartments, in a deal that would value Veris at about $4.3 billion including debt, according to a person familiar with the matter.
Kushner, best known as
Jared Kushner’s
family real-estate company, offered $16 a share for the real-estate investment trust, the person said. The shares of the company, formerly known as Mack-Cali Realty Corp., closed up 0.81% to $12.42 on Thursday.
A letter to Veris disclosing the bid, which was viewed by The Wall Street Journal, says that Kushner is making the takeover offer partly because the Veris board didn’t respond to an offer to manage the Veris properties.
“Our attempts at fruitful engagement with the board and management over the last several months have effectively been ignored,” chairman
Charles Kushner
wrote in the letter. Mr. Kushner is the father of Jared Kushner, who is former President
Donald Trump’s
son-in-law and a former senior White House aide.
Kushner, which was a major investor in New York real estate in the years leading up to the financial crisis, in recent years has shifted its focus to amassing a national portfolio of rental apartments.
If the company is successful in taking over Veris, it would add about 7,700 units to its portfolio of about 21,000 apartments in 14 states.
Kushner has amassed close to a 5% stake in Veris, according to the person familiar with the matter. The letter said that Kushner was open to reaching a deal with Veris to manage its properties rather than buying the shares in the company that it doesn’t already own. Kushner said it would be able to improve on Veris’ management while cutting costs, according to the letter.
Jared Kushner no longer works for his family’s real-estate business. After leaving the White House, he started a Miami-based investment firm named Affinity Partners.
Write to Peter Grant at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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