Tishman raises $300m for second proptech buy
Tishman Speyer has increased the size of its second blank-cheque company by $50m (£36m) to $300m.
The investor launched the second blank-cheque company at the end of January after utilising its first to buy smart-lock firm Latch.
Its first SPAC, TS Innovation Acquisitions Corp, launched in October 2020 with $300m of equity and at the end of last month agreed to merge with Latch to take the smart-lock maker public in a $1.5bn deal.
Tishman Speyer has increased the size of its second blank-cheque company by $50m (£36m) to $300m.
The investor launched the second blank-cheque company at the end of January after utilising its first to buy smart-lock firm Latch.
Its first SPAC, TS Innovation Acquisitions Corp, launched in October 2020 with $300m of equity and at the end of last month agreed to merge with Latch to take the smart-lock maker public in a $1.5bn deal.
Tishman Speyer Investment Corp II, was launched on 26 January with an initial target price of $250m. Like the firm’s first vehicle, it has been set up to acquire firms that offer technology solutions to real estate ownership and management. They include makers of both software and hardware that improve the process of property buying, financing and construction.
SPACs have taken off in popularity in the US over the past six months as investors seek to use the vehicles to take burgeoning tech companies public. Earlier this week Fifth Wall closed a $345m SPAC to acquire proptech start-ups with growth potential, while Gores Holdings used its SPAC to take spatial data capture company Matterport public in a $2.3bn deal.
According to SPACInsider, some 67 blank-cheque firms have gone public this year, raising $19.2bn. In 2020, 248 SPACs went public, raising $83bn.
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