CBRE Acquisition Holdings, a blank check company formed by commercial real estate giant CBRE targeting growth companies, filed on Monday with the SEC to raise up to $400 million in an initial public offering.
The Dallas, TX-based company plans to raise $400 million by offering 40 million SAIL (Stakeholder Aligned Initial Listing) securities at $10. Each SAIL security consists of one share of common stock and one-fifth of a warrant, exercisable at $11. At the proposed deal size, CBRE Acquisition Holdings would command a market value of $420 million. Sponsor CBRE Group will receive a promote of only 5%, with additional "alignment shares" rewarded for outsized post-merger returns over a series of years.
The company is led by Chairman Robert Sulentic, who currently serves as CEO of CBRE and previously served as CEO of Trammell Crow; CEO William Concannon, who currently serves as Global Group President of Clients and Business Partners at CBRE; and CFO and President Cash Smith, who previously served as Global Head of M&A at CBRE. CBRE Acquisition Holdings plans to target high-growth companies that will benefit from management's experience and a partnership with CBRE Group.
CBRE Acquisition Holdings was founded in 2020 and plans to list on the NYSE under the symbol CBAH.U. Morgan Stanley is the sole bookrunner on the deal.
The article CBRE Group's real estate SPAC CBRE Acquisition Holdings files for a $400 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.