Tishman Speyer Innovation Corp. II, 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 today that it has priced 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 sponsor of the Company is Tishman Speyer Innovation Sponsor II, L.L.C., an affiliate of Tishman Speyer Properties, L.P. The Company is led by its Chief Executive Officer and Chairman, Robert J. Speyer, who also serves as the President and Chief Executive Officer of Tishman Speyer; its Chief Operating Officer and Chief Financial Officer, Paul A. Galiano, who also serves as Senior Managing Director at Tishman Speyer; and its Chief Investment Officer, Jenny Wong, who also serves as Managing Director, Innovation, at Tishman Speyer.
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.
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.
