Kushner Cos denies dropping Veris buyout interest
19/01/2023 13:09
Jan 19 (Reuters) - Kushner Companies on Thursday denied
informing Veris Residential Inc VRE.N it was not interested in
pursuing an acquisition of the multifamily rental property
developer.
Real estate investment trust (REIT) Veris said on Wednesday
Kushner Cos had ended talks to acquire it, after months of
chasing the company with sweetened buyout offers.
"At no time did Kushner 'inform Veris that it was not
interested in proceeding at this time'," said Kushner Cos, which
is run by Charles Kushner, the father of former President Donald
Trump's son-in-law Jared Kushner.
Veris did not immediately respond to a request for comment.
Its shares were down nearly 8% in premarket trade on Thursday.
"We have raised our offer price on multiple occasions, yet
at no point has Veris provided any counterproposal, nor
indicated a range of values at which it would be prepared to
transact," Kushner said.
Kushner Cos added it was "entirely financed and prepared to
move quickly to consummate a transaction."
Kushner's pursuit of Veris, formerly called Mack-Cali Realty
Corp, coincides with the real estate sector struggling with
rising costs and a drop in demand due to higher home prices and
mortgage rates.
Veris is an unusual asset given the low age of its assets
and average monthly rent per home, according to a company
presentation.
(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna
Chandra Eluri)
((Nathan.Gomes@thomsonreuters.com;))