Property Solutions Acquisition, a blank check company formed by Benchmark Real Estate Group targeting the real estate industry, raised $200 million by offering 20 million units at $10, in line with expectations. Each unit consists of one share of common stock and one whole warrant, exercisable at $11.50.
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Property Solutions Acquisition is led by Co-CEO and Chairman Jordan Vogel and Co-CEO and Director Aaron Feldman, the co-founders and Co-Managing Partners of Benchmark Real Estate Group, a New York City fund targeting multifamily assets that has acquired a portfolio of more than 1,000 apartments with a cumulative market value of over $1 billion. The company plans to target the real estate industry, with potential targets ranging from real estate service companies to property technology companies.
The New York, NY-based SPAC is sponsored by Property Solutions Acquisition Sponsor LLC, controlled by Vogel and Feldman.
Property Solutions Acquisition plans to list on the Nasdaq under the symbol PSACU. EarlyBirdCapital acted as lead manager on the deal.
