Property Solutions Acquisition II, the second blank check company formed by Benchmark Real Estate Group targeting the real estate industry, filed on Friday with the SEC to raise up to $250 million in an initial public offering.
The New York, NY-based company plans to raise $250 million by offering 25 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Property Solutions Acquisition would command a market value of $322 million.
The company 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. The pair's previous SPAC, Property Solutions Acquisition (PSAC; +66% from $10 offer) raised $200 million in July 2020 and is pending a combination with EV startup Faraday Future. Property Solutions Acquisition II seeks to acquire businesses that service the real estate industry, ranging from real estate service companies to property technology, or “PropTech,” companies.
Property Solutions Acquisition II was founded in 2020 and plans to list on the Nasdaq under the symbol PSAGU. It filed confidentially on December 18, 2020. EarlyBirdCapital is the sole bookrunner on the deal.
