VERIS RESIDENTIAL AND ROCKPOINT ANNOUNCE EARLY REDEMPTION OF ROCKPOINT'S INTEREST IN VERIS RESIDENTIAL TRUST
- Veris Residential has completed a transaction to redeem Rockpoint's preferred equity interest for $520 million, simplifying the company's structure and saving approximately $24 million in annual interest.
- The transaction is projected to save approximately $24 million of annual interest for Veris Residential.
- J.P. Morgan and Goldman Sachs provided a term loan and revolving credit facility for the transaction.
- None.
Transaction Marks Pivotal Point for Veris Residential and Cements Company's Position as a Pure-Play Multifamily REIT
Rockpoint's Preferred Equity Interest Redeemed for
"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, Chief Executive Officer 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-quality portfolio, and we believe they are well positioned going forward given the age, location, and quality of their multifamily portfolio. We look forward to watching their continued success."
The transaction substantially simplifies Veris Residential's overall structure and is projected to save approximately
J.P. Morgan and Goldman Sachs & Co. LLC provided the term loan and revolving credit facility and acted as financial advisors to Veris Residential on its strategic transformation. Eastdil Secured acted as an advisor to the joint venture.
About Veris Residential, Inc.
Veris Residential, Inc. is a forward-thinking, environmentally and 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. The Company is guided by an experienced management team and Board of Directors and is underpinned by leading corporate governance principles, a best-in-class and sustainable approach to operations, and an inclusive culture based on equality and meritocratic empowerment. For additional information on Veris Residential, Inc. and our properties available for lease, please visit https://www.verisresidential.com/.
About Rockpoint
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout
Veris Residential Investor Contact
Anna Malhari
Chief Operating Officer
Veris Residential
investors@verisresidential.com
Veris Residential Media Contacts
Amanda Shpiner/Grace Cartwright
Gasthalter & Co.
212-257-4170
veris-residential@gasthalter.com
Rockpoint Media Contact
Sarah Kulka
Rockpoint
skulka@rockpoint.com
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SOURCE Veris Residential, Inc.
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