EXCLUSIVE-Apartment owner Veris Residential being pushed to sell itself, sources say
By Svea Herbst-Bayliss
NEW YORK, Feb 5 (Reuters) - A large real estate investor wants high-end rental properties owner Veris Residential VRE.N to put itself up for sale, arguing a transaction could reward shareholders with a 70% premium to the real estate investment trust's current share price.
Erez Asset Management, which owns nearly 5% of Veris Residential, urged the Jersey City, New Jersey-headquartered company to begin a formal review of strategic alternatives and to publicly announce and fully market the process, according to two sources and a document seen by Reuters.
The current call for a sale comes several years after President Donald Trump's son-in-law Jared Kushner's family business tried to buy Veris.
Erez, run by former Goldman Sachs banker Bruce Schanzer and a top 10 investor in Veris, pressed management and the board to act quickly and boldly now that its three main competitors have announced similar reviews, said the sources who could not speak about the private plans publicly.
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