PropTech Investment II filed an investor presentation today highlighting its proposed acquisition of RW National Holdings, (d/b/a Appreciate). The deal has a post-transaction enterprise value of $416 million.
Appreciate is the parent holding company of Renters Warehouse, an end-to-end single family rental marketplace and management platform.
The combined company would have an estimated equity value of $575 million, $159 million in cash, and no debt, assuming no redemptions by PropTech II stockholders. Cash proceeds will consist of the SPAC’s $230 million cash in trust (less any redemptions) and a committed equity facility of $100 million from CF Principal Investments, an affiliate of Cantor Fitzgerald.
With no minimum cash condition, the SPAC’s cash in trust and Cantor’s committed equity facility is anticipated to support the company’s growth capital needs into 2023.
If the SPAC’s shareholders approve the deal, upon closing Appreciate would list on the Nasdaq under the new ticker symbol SFR. Read more.
