Cantor Fitzgerald Looks To Buy Real Estate Brokerage With Latest SPAC

Howard Lutnick, the chief of Cantor Fitzgerald and chairman of Newmark

Cantor Fitzgerald raises $ 400 million for another blank check company, this time with the aim of potentially acquiring a real estate agent.

The CF Acquisition Corp. IV, led by Cantor executives Howard Lutnick, Anshu Jain and Paul Pion, filed filings with the Securities and Exchange Commission on Monday. With this company, CF Acquisition Corp. suggests acquiring at least one company valued at approximately $ 800 million to $ 2 billion or more.

Although the filing states that the company plans to “pursue an acquisition opportunity in a company, industry, sector or geographic location,” it focuses specifically on brokerage, healthcare and technology to leverage the background of the management team . The focus is therefore on companies in the financial services, healthcare, real estate services, technology and software sectors.

With regard to brokerage in particular, the operators of CF Acquisition Corp. believes Cantor’s model of partially compensating brokers with equity is “conducive” to brokerage firms.

“We believe that this structure, which we can use when acquiring a brokerage business, fosters a corporate culture that will allow us to grow that business further by attracting key producers in key markets and services,” the file reads.

Cantor already has brokerage investments having bought Newmark in 2011 and publicly listed in 2018.

Last month, another Cantor Fitzgerald sponsored SPAC, CF Finance Acquisition Corp. II, signed a merger agreement with Silicon Valley’s View, a company that makes smart windows that tint the glass to optimize natural light. The deal will bring SoftBank-backed View to the public with an expected valuation of $ 1.6 billion.

The company is just the latest in a series of blank check companies in the commercial real estate world. That summer, a Miami-based subsidiary of Lionheart Capital filed with the SEC a plan to raise $ 200 million to acquire a proptech company.

Benchmark Real Estate Group has also attempted to raise up to $ 200 million for a SPAC called Property Solutions Acquisition Corp. to raise, which is aimed at real estate or real estate service providers, as Bisnow reported in August. CBRE and Tishman Speyer each launched a SPAC with similar acquisition targets.