DealmakingProptech

Proptech SPAC Shelter Acquisition files for $200M offering

Jack Chandler and Christopher Keber team up to deliver a high growth proptech company to "enact positive change in the real estate ecosystem”

Another day, another SPAC launch. One of the most recent blank check companies filing to raise money in an initial public offering is Shelter Acquisition, which is focused on targeting proptech.  

New York-based Shelter Acquisition filed with the SEC on Wednesday to raise up to $200 million in an IPO. The company plans to offer 20 million units at $10.

The filing reads that the SPAC is focusing on the proptech sector “seeking to deliver a high growth company that leverages disruptive technology to enact positive change in the real estate ecosystem.” 

Shelter Acquisition is led by Jack Chandler who is the chief investment officer and chairman. The filing states that Chandler currently serves as founder of Majesteka Investments Holdings, which was started up in 2017. Previously, he served as the former global head and chairman of BlackRock Real Estate. Additionally, he worked as former global CIO, CEO and executive chairman for the Asia-Pacific region of LaSalle Investment Management, an independent subsidiary of Jones Lang LaSalle.

Christopher Keber will serve as Chief Executive Officer and Director of Shelter Acquisition. Keber has been operating and investing in the real estate industry for 25 years, and most recently served as Head of Investments & Strategy at McCourt Global. Prior to McCourt Global, Chris was co-head of Global Capital Markets at Hines, and also held a similar role at Starwood Capital.

Shelter Acquisition plans to trade on the Nasdaq under the ticker symbol “SHQAU”. 

SPAC’s are all the craze in the fintech world nowadays, recently Opportunity Financial (OppFi) has entered into a definitive agreement to combine with a SPAC that would take the company public, valuing the equity of the combined company at about $800 million. OppFi will combine with Joe Moglia’s SPAC called FG New America Acquisition, where Moglia serves as Chairman. Moglia previously served as TD Ameritrade’s Chairman of the Board, and was formerly CEO of the TD Ameritrade back when it was Ameritrade Holding Corporation.

In other SPAC-related news, Blackstone-owned wealthtech player Alight Solutions — a benefits and recordkeeping company that’s going public through a $7.3 billion SPAC merger — is using a potentially multibillion-dollar deal with the federal Thrift Savings Plan as the launchpad for its next-generation “wealth cloud” service.

We’ll be covering Shelter Acquisition closely for progress toward an ultimate merger announcement.

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