PTIC.U --- 1/3W
Prospectus 12/7/20
24 Months. Closed Dec. 08, 2020
Trust $10.00 $200.0 million or $230.0 million if the underwriters’ over-allotment option is exercised in full
Focus technological innovation to the real estate industry, or PropTech.
Cantor
Hennessy Capital founder and CEO Daniel Hennessy will serve as a Senior Advisor, a role he also held for PropTech Acquisition. Daniel Hennessy has led several other SPACs, the most recent being February 2019 IPO Hennessy Capital Acquisition IV (HCAC; +22%), which is currently pending a combination with EV startup Canoo.
Our team is led by co-CEOs Thomas D. Hennessy and M. Joseph Beck. With a combined 25 years of real estate experience, Messrs. Hennessy and Beck bring a unique track record, proprietary relationships, and deep expertise that is suited to take advantage of the growing set of investment opportunities in the U.S. PropTech space and to create shareholder value. Mr. Hennessy has served as the Managing Partner of Real Estate Strategies of Hennessy Capital LLC, an alternative investment firm founded in 2013 that focuses on the industrial services, infrastructure services and real estate industries, since July 2019. Mr. Hennessy served from 2014 to 2019 as a Portfolio Manager of Abu Dhabi Investment Authority, or ADIA, the world’s largest institutional real estate investor. While at ADIA, Mr. Hennessy was responsible for managing office, residential, and retail assets in the U.S. totalling over $2.1 billion of net asset value or $5.0 billion of gross asset value. Additionally, Mr. Hennessy executed over $900.0 million of equity commitments to U.S. real estate acquisitions, developments, and funds. Mr. Hennessy also conceived and led ADIA’s PropTech initiative and investment mandate, which included extensive due diligence on every major U.S. PropTech venture capital fund as well as meetings with numerous PropTech founders and companies. Mr. Hennessy’s PropTech efforts at ADIA resulted in assembling a global team of investment professionals, creating a network and establishing relationships with the major global PropTech participants and ultimately making a significant investment into PropTech.
Mr. Beck served from 2012 to 2019 as a Senior Investment Manager of ADIA, working alongside Mr. Hennessy. While at ADIA, Mr. Beck was responsible for managing office, residential, industrial and retail assets in the U.S. totalling over $2.7 billion of net asset value or $3.6 billion of gross asset value. Additionally, Mr. Beck executed over $2.6 billion of equity commitments to U.S. real estate acquisitions, developments, and funds. Mr. Beck’s primary focus at ADIA was acquiring, executing, and managing a 10-asset portfolio of assets in Silicon Valley, where he established a superior network and access to major Silicon Valley real estate players, including technology tenants, landlords, brokers and developers.
Each member of our management team is also part of the management team of PropTech Acquisition Corporation (NASDAQ: PTAC), or PTAC, a special purpose acquisition company which raised $172,500,000 in its initial public offering in November 2019, where Mr. Hennessy also serves as co-Chief Executive Officer, President and Chairman, and Mr. Beck serves as co-Chief Executive Officer, Chief Financial Officer and Director. PTAC targeted businesses in the real estate technology industry, and in July 2020 announced its entry into a definitive agreement for an initial business combination with Porch.com, Inc., or Porch, a leading software and services platform for the home inspection and home service industries that provides ERP and CRM software to inspection, moving and adjacent home services companies, gaining access to a proprietary and reoccurring sales funnel which includes a majority of homebuyers in the U.S. annually. The transaction includes a $150,000,000 fully committed common stock private investment at $10.00 per share led by Wellington Management Company, LLP and is expected to close in the fourth quarter of 2020. We currently expect that each member of our management team will remain with PTAC until the consummation of its initial business combination. We believe our management team’s proven track record of providing access to growth capital via an accelerated public listing supports our investment thesis and strategy, and that potential sellers of target businesses will view our execution capabilities with a vehicle similar to our company as a positive factor in considering whether or not to enter into a business combination with us.