CBRE lowers SPAC IPO valuation target to $350M

Blank-check company aims to merge with growing firm

National /
Nov.November 30, 2020 01:30 PM
CBRE CEO Robert Sulentic (iStock)

CBRE CEO Robert Sulentic (iStock)

CBRE Acquisition Holdings, a blank-check company formed by CBRE Group, has lowered the target deal size for its upcoming initial public offering to $350 million, according to a filing with the Security and Exchange Commission.

CBRE, the world’s largest real estate services firm, initially set the valuation goal for its special purpose acquisition company (SPAC) at $400 million. But according to a new document filed with the SEC on Friday, the company lowered its IPO size by $50 million, offering 35 million stakeholder aligned initial listing (SAIL) securities at a price of $10.

With its SPAC, CBRE aims to “identify and acquire a privately held company with significant growth potential,” according to a regulatory filing. The date of the IPO has yet to be made public. It’s subject to the completion of the registration statement.

Blank-check companies have become increasingly popular among real estate firms this year. SPACs have no underlying assets and are formed with the goal of merging with a target company and taking the company public.

Last month, Tishman Speyer formed a $300 million SPAC that aims to merge with a proptech company. Real estate investors Joseph Beck and Thomas Hennessy are looking to raise $175 million for their second blank-check company, PropTech Investment Corporation II, that seeks to merge with a real estate tech company with an enterprise value of $500 million or more.

CBRE’s new SPAC is led by Bob Sulentic, the firm’s president and CEO, and William Concannon, its global group president.





    Related Articles

    arrow_forward_ios
    Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
    Freshly inks big lease in NoMad
    Freshly inks big lease in NoMad
    From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
    Former SL Green exec Isaac Zion joins Acram Group
    Former SL Green exec Isaac Zion joins Acram Group
    (Photo illustration by The Real Deal)
    Inside mall owner Namdar’s rapid growth story
    Inside mall owner Namdar’s rapid growth story
    15 Park Row (Google Maps)
    J&R Music founders sell Park Row apartment tower for $140M
    J&R Music founders sell Park Row apartment tower for $140M
    Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
    Brooks Brothers’ Madison Ave store could give way to Midtown East tower
    Brooks Brothers’ Madison Ave store could give way to Midtown East tower
    Gov. Andrew Cuomo (Getty)
    Industry reacts to Cuomo’s proposed commercial eviction ban
    Industry reacts to Cuomo’s proposed commercial eviction ban
    Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
    Nightlife veteran John Blair inks deal for Hell’s Kitchen club
    Nightlife veteran John Blair inks deal for Hell’s Kitchen club
    Financial disclosures show extent of Trump Org losses
    Financial disclosures show extent of Trump Org losses
    Financial disclosures show extent of Trump Org losses
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...