Smart-lock startup Latch began trading Monday through a SPAC listing that raised $453 million and values the company at over $1.5 billion. The shares, issued through a special purpose acquisition vehicle run by Tishman Speyer Properties, rose 4% on the first day of trading.
Scott Rechler has a SPAC. Rob Speyer has two. And now, Silverstein Properties’ Tal Kerret is joining the craze. In a regulatory filing Tuesday, SilverSPAC Inc. said it intends to raise $250 million for a blank-check firm that aims to take a proptech firm public.
Latch Inc said on Monday it plans to go public through a merger with blank-check company TS Innovation Acquisitions Corp, backed by U.S. property developer Tishman Speyer, in a deal that values the smart-lock maker at $1.56 billion.
Sponsors such as Tishman Speyer, CBRE and Sam Zell have all launched blank check companies in recent months.
CBRE, the world’s largest real estate services firm, has formed a blank-check company, called CBRE Acquisition Holdings.
Tishman Speyer has launched a $300 million blank check company that will invest in proptech firms, according to an S1 filed with the SEC Monday.