Tishman Speyer Innovation II, the second blank check company formed by Tishman Speyer targeting real estate and property technology businesses, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than anticipated. Each unit consists of one share of common stock and one-fifth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman Robert Speyer, who currently serves as CEO of real estate investment firm Tishman Speyer, and COO, CFO, and Director Paul Galiano, who currently serves as Senior Managing Director of Tishman Speyer. The group's previous SPAC, TS Innovation Acquisitions (TSIA; +60% from $10 offer price), raised $300 million in November 2020 and has a pending merger agreement with enterprise SAAS platform Latch.
Tishman Speyer Innovation II intends to focus on identifying businesses that can benefit from the sponsor's leading brand, operational expertise, and global network in the real estate industry, including real estate adjacent businesses and technologies targeting the real estate space, otherwise known as "Proptech" businesses.
Tishman Speyer Innovation II plans to list on the Nasdaq under the symbol TSIBU. BofA Securities and Allen & Company acted as lead managers on the deal.
