One of New York’s largest retailers is about to shop – with a blank check.
Crown Acquisitions of the Chera family is raising $ 200 million for a specialty acquisition company or SPAC that focuses on props, according to a regulatory filing.
Crown PropTech Acquisitions will seek to acquire a startup with “innovative software, hardware, products, operations or services that are technology-based and increase the value of infrastructure or asset ownership,” the statement said. Ideally, the company will merge with a business that intersects with industries outside the real estate industry.
Crown, which owns one of the largest retail empires in New York, was founded by the late Stanley I. Chera, who he died in April 2020. The company is run by Isaac and Richard Chera, two of Stanley’s sons. Their brother Haim moved to Vornado when Crown acquired a 24 percent stake in the retail portfolio of real estate investment funds. Crown also has a brokerage arm, Crown Retail Services.
Crown benefited from the city’s retail boom in mid-2010, so it was exposed to a subsequent decline in retail. After Gap didn’t pay the rent on 170 Broadway, Crown didn’t pay $ 70 million mortgage covering a retail apartment owned by the financial district.
SPAC is led by CEO Richard Chera Rasheq Zarif, Chief Strategic Advisor, who is also the CEO of Deloitte Consulting, and Pius Sprenger, its Chief Financial Officer, former CEO of Cantor Fitzgerald and Deutsche Bank.
RBC Capital Markets is signing the offer.
Companies with a blank check returned last year and growing number circulating propy startups.
PropTech Investment Corp., led by former Abu Dhabi Investment Authority managers Tom Hennessy and Joe Beck, was one of the first participants. Their first SPAC was published by Porch.com last year and their second SPAC is in the acquisition market.
Tishman Speyer and CBRE also have SPACs, as do Howard Lutnick and Cantor Fitzgerald, whose SPAC plans to merge with View, a smart glass maker supported by SoftBank. (SoftBank has its own SPAC.)
This week, VFP Fifth Wall Ventures submitted plans to increase $ 250 millionn for your own business with a blank check.