Property Solutions Acquisition II, the second blank check company formed by Benchmark Real Estate Group targeting the real estate industry, 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-fourth of a warrant, exercisable at $11.50.
The company is led by Co-CEO and Chairman Jordan Vogel and Co-CEO and Director Aaron Feldman, the co-founders and Co-Managing Partners of Benchmark Real Estate Group. The pair's previous SPAC, Property Solutions Acquisition (PSAC; +66% from $10 offer) raised $200 million in July 2020 and is pending a combination with EV startup Faraday Future. Property Solutions Acquisition II seeks to acquire businesses that service the real estate industry, ranging from real estate service companies to property technology, or “PropTech,” companies.
Property Solutions Acquisition II plans to list on the Nasdaq under the symbol PSAGU. EarlyBirdCapital acted as a lead manager on the deal.
The article Real estate-focused SPAC Property Solutions II prices upsized $300 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.
