Kirkland Represents PropTech Investment Corporation II on $575 Million Business Combination with Renters Warehouse
Kirkland advised PropTech Investment Corporation II (NASDAQ: PTIC) (PTIC), a publicly traded special purpose acquisition company targeting businesses in the real estate technology industry, on its definitive agreement with RW National Holdings, LLC (d/b/a Appreciate), the parent holding company of Renters Warehouse, a leading end-to-end Single Family Rental (SFR) marketplace and management platform, which will result in Appreciate becoming a publicly listed company in a business combination transaction with PropTech II. Upon closing of the transaction, PropTech II will be renamed Appreciate and will remain listed on the Nasdaq Capital Market under the new ticker symbol “SFR.” the estimated post-transaction enterprise value of the deal is $416 million with up to an additional $159 million in net cash to fund growth. The transaction is subject to customary closing conditions and is expected to close in Q3 of 2022.
The Kirkland team that led the deal was corporate partners Patrick Salvo and Doug Ryder and associates Gabrielle Sumich and Lauren Stelck; and capital markets partners Christian Nagler, Julian Seiguer and Wayne Williams and associate Anthony Sanderson.
