General IPO SPAC
March 14, 2021
5 minutes read

Real Estate Giant Cushman & Wakefield Forms $250M SPAC

The latest big name to get into the boom of special-purpose acquisition companies (SPACs) by launching its own SPAC is…

The latest big name to get into the boom of special-purpose acquisition companies (SPACs) by launching its own SPAC is Cushman & Wakefield, a commercial real estate services giant. It’s formed its own SPAC named C&W Acquisition Corp that’s looking to raise $250 million from an initial public offering.

C&W Acquisition Corp has filed an S-1 document with the US Securities and Exchange Commission (SEC), making known its intent to raise $250 million by selling 25 million share units for $10 each. Its IPO is being underwritten by Citigroup and BofA Securities.

As it’s sponsored by a real estate services firm that’s one of the biggest of its kind, it’s no surprise that C&W Acquisition Corp is targeting to merge with a business in the property-tech and real estate sector as indicated by its S-1 document. It doesn’t seem that the SPAC will have a problem finding a merger target thanks to the influence of its sponsor Cushman & Wakefield.

Cushman & Wakefield is a real estate firm that manages commercial properties on behalf of institutional, corporate, and private clients. It’s a giant in its own kind, with $7.8 billion in revenue in 2020 drawn from managing 4.1 billion square feet of commercial real estate worldwide in 60 countries.

Unexpectedly, C&W Acquisition Corp has a Chairman who’s the CEO of Cushman & Wakefield, Brett White, and a CEO who’s Cushman & Wakefield’s Chief Investment Officer, Nathanial Robinson.

C&W Acquisition Corp hasn’t yet revealed the stock exchange it intends to list on and what symbol that it’ll use for that. It’s expected to do so very soon in an amended filing to the SEC.

With its SPAC, Cushman & Wakefield has joined other real estate giants of its kind that have followed the boom to launch their own SPACs over the past year. Such others include CBRE Group, the largest commercial real estate services firm in the world, and real estate investment firm Tishman Speyer which has launched two separate SPACs of which one reached a deal to merge with smart lock maker Latch in January.

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