New York landlord and VTS investor RXR Realty has pulled its $345m (£284m) SPAC launched nearly two years ago to invest in proptech solutions.
RXR Acquisitions Corp, founded in early 2021 with the intention of turning a proptech firm into a publicly traded business, has now cancelled shares in the business and handed back funds to shareholders.
The SPAC, one of a flurry launched in the early 2020s, had until March to either make an acquisition or hand the cash back.
RXR said that while it had identified a number of opportunities, valuations for the businesses had all appeared too high.
RXR Acquisitions is the latest in a number of US SPACs that have failed over recent months.
Sam Zell-backed Equity Acquisition Distribution Corp was dissolved in the summer after failing to find a merger deal, while Fifth Wall – which continues to raise funds through more traditional routes – stepped back from its $150m plan to take another real estate tech firm public via a special purpose acquisition company early in 2022.
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