趋势:前Zillow首席执行官Spencer Rascoff会导致Spac协议获得优惠席,对他的前雇主的竞争对手
斯宾塞罗夫
Former Zillow CEO Spencer Rascoff. (GeekWire Photo / Kevin Lisota)

Former Zillow Group CEO Spencer Rascoff is jumping back into the real estate game in a big way.

Rascoff, who离开了首席执行官at the Seattle real estate juggernaut in February 2019, is part of a group of SPAC investors that’s buying优惠伙号这是一家6岁的房地产公司,直接与Zillow集团竞争寻求改变人们购买和出售房屋的方式。

这是一个与Zillow的前同事们在Zillow的兴趣比赛中,包括联合创始人富有的巴顿和Lloyd Frink,这是一个倾向于罗斯科夫的交易。

Rascoff’s SPAC — operating under the name Supernova Partners Acquisition Company — is acquiring Offerpad in a deal that will value the Chandler, Ariz.-based company at $3 billion and bring in an additional $650 million in gross proceeds to a real estate technology provider that powers the quick selling and buying of homes. Offerpad plans to trade on the New York Stock Exchange under the ticker symbol OPAD.

SPAC交易当然是一个由Rascoff在他的前雇主的弓箭击中的一排,现在价值350亿美元。

Asked about the competition, Rascoff said in an email to GeekWire via a spokeswoman: “I’m still a Zillow shareholder, supporter and lifelong fan.”

他补充说:“优惠棉条的真正竞争不是Zillow或Opendoor,这是99.5%的人们卖出他们家的旧模拟方式。”

发言人还指出,Rascoff没有Zillow的非竞争协议,这可能会阻止他与他的前雇主竞争。(Note:Rascoff是本周的Geekwire播客的预定嘉宾,我们期待着谈论优惠议事,Spacs的普及,房地产的未来等。亚博体育提现不出来订阅这里)。

即使仍然,交易的竞争性肯定会在华尔街和在线房地产社区的内在圈子上提高眉毛。

优惠伙号shareholders are expected to roll over 100% of their equity into the new entity, owning 75% of the combined company. Offerpad founder and CEO Brian Bair will own about 35% of the voting power of the combined company. He will remain CEO.

“我们的团队组合的勇气和房地产经验已经帮助我们完成了大约30,000个交易,并自成立以来的总交易量达到了近70亿美元,我们现在已经成为一家公共公司的快速增长,”贝尔在一份声明中表示。在星期四早上的会议上,Bair表示,他们更像是物流公司与房地产科技公司相比。

The 500-person company, which operates in more than 900 cities, said it plans to do about $1.4 billion in revenue this year. It has提高$975 million to date in equity and debt capital.

作为比较,Zillow集团去年第四季度报告收入为7.89亿美元across its various platforms, with the company’s “Homes” segment that includes online buying and selling of homes coming in at $304 million.

在线购买和销售房屋正在成为Zillow业务的更重要的部分,这首先进入了市场2018年在凤凰城和拉斯维加斯。事实上,在进入市场的时候 - Zillow的转移,直到那时候将自己定位为服务房地产市场的不可知论媒体公司 - Geekwire的标题故事指出:Zillow Group将开始购买和销售房屋,以Opendoor和扩大房地产占地面积。

更新:在一份声明中,Zillow表示,“越来越多的兴趣和转变房地产投资强调了对更以客户以更轻松的,支持的技术的交易的令人难以置信的需求。”它补充说,它的200万令吉每月独一无二的游客将公司置于“迎接家庭购物者和卖家进入房地产新时代的强大领导地位。”

去年罗斯科夫推出了一个新的房地产初创公司与他的前Zillow集团同事叫Pacaso,旨在使更多人拥有一个假期回家的人更容易。当时,Rascoff表示,他没有将Pacaso视为与Zillow的竞争 - 优先考虑肯定是。

Spac热潮

Rascoff参与了三个SPAC,特别是沃尔街的所有愤怒这些日子作为传统的IPO进程的替代品。所有三个SPAC都是由Rascoff,Alexander Klabin,古代创始人和首席执行官组成的一个组织的组织;罗伯特雷德是一个以前在Blackstone私募股权集团工作的投资者;和迈克尔克里顿,这是一个最近是凯莱尔集团的高级投资专业人士的投资者。

Rascoff shared more of his interest in SPACs inan interview with GeekWire last fall值得注意的是,由于许多公司在发售后飙升时,许多公司“留下钱”的事实,传统的IPO进程部分是部分地破坏了。

In recent weeks, a number of industry watchers have pointed to a SPAC bubble. New York Times financial columnist Andrew Ross Sorkin said the SPAC phenomenon is a “sign of craziness,” during an interview onThe Prof G podcast。与此同时,本周财富的亚伦新闻员写道:“这些事情永远不会结束。我担心spacpocalypse附近。“

Even still, Rascoff is bullish on the latest SPAC deal between Supernova and Offerpad.

“难关勉强划伤了世界上最大的可寻址市场的房地产,”Rascoff在一份声明中表示。“......他们在网上带来更多交易,我们相信整个在线房地产,在未来几年方面迅速增长,提供的优惠棒是难以抓住这一市场的巨大巨大。”

优惠席还面临着由西雅图的红津所谓的Ibuying Arena的比赛,它推出了它的redfinnow单位2017年和现在运作in parts of Arizona, California. Colorado, Texas and Washington state. Redfin预计其房地产购买和销售单位将在2021年的第一季度推动7700万美元和8000万美元的收入。

此外,旧金山为基础的OpenDoor去了last fall in a SPAC deal led by investor and SPAC king Chamath Palihapitiya, a deal that pumped $970 million into the business. Opendoor — which sold 18,799 homes in 2019 and 9,913 last year — is now valued at$16 billion

According to aninvestor presentation this morning, Offerpad said it plans to sell 5,612 homes this year and 9,593 homes next year. It plans to operate in 19 markets this year, and move into about 50 markets in the next three years. It is also looking to boost its market share from less than 1% currently to about 4% — a significant jump that the company said would drive substantial revenue and profits. It estimates revenue of $3.9 billion by 2023, and gross profit of $353 million.

其他几家西雅图地区科技公司已完成间隔或正在进行这样的过程中,包括Porch Group。Nautilus生物技术和流动站。

编者注:Geekwire是DOT.LA的投资者,该公司是涵盖洛杉矶科技场景的媒体公司,该媒体公司由斯宾塞罗夫支持。

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