Another major real estate firm is hopping on the SPAC bandwagon.
CBRE, the world’s largest real estate services firm, has formed a blank-check company, called CBRE Acquisition Holdings. The new special-purpose acquisition company is seeking to “identify and acquire a privately held company with significant growth potential” for a merger or acquisition, according to a regulatory filing. It’s aiming for a valuation of up to $400 million in an initial public offering.
“We believe we will be able to leverage the advantages that CBRE holds by virtue of its industry-leading position to not only source highly attractive acquisition candidates but also support the acquired company’s future growth,” the IPO filing states.
The new SPAC will be led by Bob Sulentic, president and CEO of CBRE Group, and William Concannon, CBRE’s global group president.
The new entity is eyeing businesses that are “providing products or