Tishman Speyer has formed a $300 million SPAC, or special-purpose acquisition company. The real estate investor plans on using the blank check company to merge with a proptech company, according to The Real Deal. TS Innovation Acquisitions Corp. will be valued at $375 million following its IPO.
- Worth Noting: Over the past three years, Tishman has invested in 11 tech startups, including Ritual, a restaurant pickup app; VTS, Latch, a smart lock startup; and Lyric, an Airbnb-backed short-term rental startup that effectively closed during the pandemic.
- Backdrop: iBuying startup Opendoor is going public in a $4.8 billion deal with Chamath Palihapitiya’s Social Capital. Porch, a home-services startup, is also going public in a SPAC deal with PropTech Acquisitions Corp, founded by Thomas Hennesy and Joe Beck. And last week, former Zillow CEO Spencer Rascoff’s SPAC raised $350 million in its IPO. [TRD]