A growing trend in the US to launch so-called “blank-cheque” companies is seeing hundreds of millions of dollars raised for investment in real estate technology.
Tishman Speyer has formed a $300m (£225m) special purpose acquisition company called TS Innovation Corp through which it will acquire later-stage businesses in the proptech sector. The business will be led by Tishman chief executive Robert Speyer, Paul Galiano, who will be chief operating officer and chief financial officer, and Jenny Wong, who will be chief information officer.
Elsewhere, real estate investors and former portfolio managers for the Abu Dhabi Investment Authority Thomas Hennessy and Joseph Beck have launched PropTech Investment Corporation II with the aim of identifying “high-quality businesses that provide technological innovation to the real estate industry”.
They are looking to raise around $175m to capitalise on the increasing demand for technological solutions in the real estate world and will target businesses with a valuation of $500m or more.
Even CBRE, the world’s biggest agent, has launched a blank-cheque business. The $400m CBRE Acquisition Holdings is not specifically focused on tech but said it would target businesses that are providing products or services to its client base, including those with a proven track record in outsourcing, digitisation and data.
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