Blink and you’ll miss a new SPAC.
With billions of dollars flowing into blank-check firms, a growing number of real estate players are targeting proptech.
As an alternative to the traditional IPO, special-purpose acquisition companies made a comeback last year with 248 blank-check firms going public, raising $83 billion, according to SPACInsider.
This year is shaping up to be even bigger for SPACs.
Along with names like Bill Ackman, Alec Gores and Chamath Palihapitiya, New York landlords including Tishman Speyer, RXR Realty and Silverstein Properties’ Tal Kerret have launched SPACs. So have Zillow co-founder Spencer Rascoff (with three blank-check firms, at last count) and Fifth Wall Ventures, the proptech VC with $1.3 billion in committed capital and a $347 million SPAC.
Here’s a full list of real estate sponsors and their targets.
Kevin Sun contributed to this report.
Read more
Commercial
National
Fifth Wall targets $250M for blank-check firm
Development
New York
"Blank-check" companies make a comeback in real estate