Two weeks after its predecessor special-purpose acquisition company completed a $1.56-billion merger with Latch, Inc., Tishman Speyer Innovation Corp. II has priced its upsized initial public offering of 30,000,000 units at $10 per unit, for aggregate gross proceeds of $300 million. The first SPAC launched by Tishman Speyer, TS Innovation Acquisitions Corp., similarly raised $300 million in its IPO last fall.
The SPAC’s sponsor is Tishman Speyer Innovation Sponsor II, L.L.C., an affiliate of Tishman Speyer Properties. It’s led by CEO and chairman Rob Speyer, who also serves as president and CEO of Tishman Speyer.
The new SPAC intends to focus on combining with a transformative, technology-driven business, which is tailored to the real estate sector and can benefit from Tishman Speyer’s leading brand, operational expertise and its global network of properties, relationships, vendors and customers. It will primarily target later-stage businesses in the proptech sector.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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