Tishman Speyer Seeks IPO for Second Blank-Check Property Company

Real estate developer Tishman Speyer is seeking to raise money for a second blank-check company, just months after going public with its first.

Tishman Speyer registered its intent to raise $250 million in an initial public offering for a new special purpose acquisition company, according to a regulatory filing Tuesday. The plans follow a $300 million IPO in November for the developer’s first SPAC.

The new company, Tishman Speyer Innovation Corp. II, will seek to acquire firms that offer technology solutions to real estate ownership and management, according to the filing. Makers of both software and hardware that improve the process of property buying, financing and construction will be considered, though the firm has yet to enter into substantive discussions with any particular business.

The IPO registration comes just one day after Tishman Speyer’s first innovation fund announced it was acquiring smart-lock maker Latch Inc. in an effort to take the startup public. That deal would give Latch an equity value of $1.56 billion and provide it with $510 million to fund growth, the firms said Monday.

SPACs, also known as blank-check companies, are empty corporate shells that raise money from investors and then aim to merge with a private business, essentially taking that company public through the back door.

Last year, more than 200 blank-check companies raised $80 billion from investors, according to data compiled by Bloomberg. That exceeded the combined total in all previous years and made up almost half of 2020’s volume of IPOs, the data show.

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