Veris Residential buys Rockpoint’s interest in REIT for $520m

Veris Residential and Rockpoint have completed a transaction in which Veris Residential has purchased and redeemed the preferred units and certain other ownership interests from Rockpoint and its affiliates in Veris Residential Trust for $520 million.

“The negotiated early redemption of Rockpoint’s interest substantially simplifies the company’s overall structure while maximizing our strategic and operational flexibility moving forward,” said Mahbod Nia, CEO of Veris Residential. “We are grateful to Rockpoint for their unwavering support and commitment to the joint venture, through which we have developed a unique, best-in-class multifamily portfolio.”

“Rockpoint has been pleased to partner with Veris Residential since 2017, and through multiple stages of its growth and transformation,” said Tom Gilbane, a managing member of Rockpoint. “Rockpoint’s disciplined, market-based investment approach led us to work with Veris Residential to build a high-qu