- Oops!Something went wrong.Please try again later.
NEW YORK, Feb. 17, 2021 /PRNewswire/ -- Tishman Speyer Innovation Corp. II (the "Company"), a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, announced that on February 17, 2021 it closed its upsized initial public offering of 30,000,000 units at $10.00 per unit, for aggregate gross proceeds of $300 million. Each unit consists of one share of common stock and one-fifth of one redeemable warrant.
The Company's units are listed and trade on the Nasdaq Capital Market under the symbol "TSIBU". BofA Securities and Allen & Company LLC acted as joint book-running managers for the offering.
The sponsor of the Company is Tishman Speyer Innovation Sponsor II, L.L.C., an affiliate of Tishman Speyer Properties, L.P. ("Tishman Speyer"), a leading owner, developer, operator and investment manager of first-class real estate in 28 key markets across the United States, Europe, Asia and Latin America.
While the Company may pursue acquisition opportunities in any industry or geographic region, it 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, including real estate adjacent businesses and technologies targeting the real estate space, referred to as "Proptech" businesses. The Company will primarily target later-stage businesses in the Proptech sector that possess strong management teams, exhibit significant future growth potential, and have demonstrated the ability to disrupt the real estate market through technology-driven transformation.
In September 2020, an affiliate of Tishman Speyer founded TS Innovation Acquisitions Corp., a blank check company formed for substantially similar purposes as the Company. TS Innovation Acquisitions Corp. completed its initial public offering in November 2020, generating aggregate gross proceeds of $300 million, and announced its initial business combination with Latch, Inc. at a post-money valuation of $1.56 billion on January 25, 2021. Each of the Company's executive officers also serves as an executive officer and director of TS Innovation Acquisitions Corp.
Tishman Speyer has consistently driven innovation throughout its global portfolio, with more than 1,200 employees worldwide, assets under management of $56.8 billion, and 82.7 million square feet under management across 121 assets as of September 30, 2020. Its portfolio includes iconic projects such as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt, Lumière in Paris, Torre Norte in São Paulo and the Mission Rock neighborhood currently being realized in San Francisco. Since its inception, Tishman Speyer has built a successful, 40-year track record of real estate investing, both via hundreds of individual investments and through its value-add, opportunistic and core funds. Over the past three years, Tishman Speyer has invested in 11 tech-centric real estate platforms, acting as both a strategic partner and an important source of growth capital for a range of growing Proptech firms.
The initial public offering was made only by means of a prospectus. A copy of the prospectus may be obtained from BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attn: Prospectus Department, or email: email@example.com; or Allen & Company LLC, 711 5th Avenue, New York, NY 10022, Attn: Prospectus Department, telephone: (212) 339-2220, or email: firstname.lastname@example.org.
A registration statement relating to the securities was filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements." Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement filed with the SEC and the preliminary prospectus included therein. Copies of these documents are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
About Tishman Speyer Innovation Corp. II
Tishman Speyer Innovation Corp. II, a Delaware corporation, is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The sponsor of Tishman Speyer Innovation Corp. II is Tishman Speyer Innovation Sponsor II, L.L.C., an affiliate of Tishman Speyer, a leading owner, developer, operator and investment manager of first-class real estate in 28 key markets across the United States, Europe, Asia and Latin America. With global vision, on-the-ground expertise and a personalized approach, Tishman Speyer is able to foster innovation, quickly adapt to global and local trends and proactively anticipate its customers' evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as its tenant amenities platform, ZO., and its flexible space and co-working brand, Studio, Tishman Speyer tends not just to its physical buildings, but to the people who inhabit them on a daily basis.
SOURCE Tishman Speyer Innovation Corp. II