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AvalonBay and Equity Residential rename merged REIT Vivmark Residential
The combined REIT is valued at $71 billion and will trade on the NYSE under ticker VMRK.
AvalonBay Communities and Equity Residential have announced the name for their merged, publicly traded REIT, with the combined company to be called Vivmark Residential. The firms said the merger, completed two months ago, values the new entity at $71 billion and will place the company on the New York Stock Exchange under ticker VMRK, according to Commercial Observer.
Vivmark Residential, led by AvalonBay CEO Benjamin Schall as CEO of the combined business, will focus on what the company described as a new standard for the residential home experience. The name reflects “Viv,” derived from the Latin word “vivere,” meaning “to live fully,” and “mark,” described as representing quality, distinction, and lasting impact, based on a release referenced by Commercial Observer.
The new REIT is expected to become the largest player in the residential REIT space, backed by a portfolio of more than 180,000 rental apartments across 600 apartment communities. Commercial Observer also reports that the company has an additional 10,800 units and $4.4 billion in development within its construction pipeline.
In market trading described by Commercial Observer, AvalonBay shares were quoted at $187 per share as of Friday morning, down 2 percent over the last five days, while Equity Residential traded at $67 per share, also down 2 percent over the prior week.