Fifth Wall Upsizes SPAC, Black-Check Firms Court Proptech

Fifth Wall Upsizes SPAC, Black-Check Firms Court Proptech

Cousins Brian and Ben Friedman teamed up with a San Francisco Giants minority owner. (Getty, Friedman Capital)

 

Another day, another SPAC.

The latest is from Scott Seligman, a real estate investor and minority owner of the San Francisco Giants, who is teaming up with cousins Brian and Ben Friedman to raise $175 million for a proptech deal. Brian is a managing partner at investment firm Foxhall Partners while Ben is a former senior trader at Citigroup.

BOA Acquisition Corp. is targeting a business with an enterprise value north of $500 million, the company said in a regulatory filing. It aims to invest in digital technology that can streamline the real estate marketplace, but will only consider one with a proven business model. “We do not intend to invest in startup companies or entities with speculative business plans or excessive financial leverage,” the filing said.

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BOA’s board includes Shane Battier, a former basketball player for the Miami Heat, and Sri Batchu, head of advertising at Instacart and an early executive at Opendoor. (That iBuyer went public after a SPAC deal with Chamath Palihapitiya’s Social Capital.) Its strategic advisors include David Glazer, CFO at Palantir, and Sam Beznos, whose Detroit-based Beztak Companies owns 35,000 apartments and 1.6 million square feet of office and retail space.

Proptech is a small but growing focus for blank-check firms, with major players like Tishman Speyer, CBRE and Fifth Wall jumping into the craze.

This week, Fifth Wall upsized its SPAC offering from $250 million to $300 million. The proptech VC, which has invested in Opendoor and VTS, is betting its track record and $1.3 billion in committed capital will give it a “substantial competitive advantage,” according to filings. Its shares are set to start trading Friday under the ticker symbol FWAA.

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On Thursday, Benchmark Real Estate Group’s Jordan Vogel and Aaron Feldman filed plans for a second SPAC, dubbed Property Solutions Acquisitions Corp. II. The company is looking to raise $250 million for a proptech deal, the filing said.

Vogel and Feldman’s first SPAC merged last month with Faraday Future, aluxury electric car maker that had previously run into financial trouble.

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