CBRE Acquisition Holdings, a blank check company formed by real estate giant CBRE targeting growth companies, raised $350 million by offering 35 million units at $10. The offered units consist of one share of common stock and one quarter warrant, exercisable at $11.00. The company had originally filed to offer 40 million units, before lowering the size of the offering two weeks ago.
The units are referred to as SAILSM (Stakeholder Aligned Initial Listing) securities, which were created by Morgan Stanley to have an incentive structure that aims to dilute new investors less than traditional SPACs. The sponsor will have a post-IPO stake of about 5% instead of the usual 20%, with additional "alignment shares" rewarded for outsized post-merger returns over a series of years.
The company is led by Chairman Robert Sulentic, who currently serves as CEO of CBRE and previously served as CEO of Trammell Crow; CEO and Director William Concannon, who currently serves as Global Group President of Clients and Business Partners at CBRE; and CFO and President Cash Smith, who previously served as Global Head of M&A at CBRE. CBRE Acquisition Holdings plans to target high-growth companies that will benefit from management's experience and a partnership with CBRE Group.
CBRE Acquisition Holdings plans to list on the NYSE under the symbol CBAH.U. Morgan Stanley acted as lead manager on the deal.
