German investor Elgeti launches SPAC to buy into property or climate tech (updated)

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29/04/2021 16:26

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    FRANKFURT, April 29 (Reuters) - German property investor
Rolf Elgeti, a former chief executive of TAG Immobilien, is
listing a blank-cheque company on the Frankfurt stock exchange
with a view to merging it with a real estate technology or
climate technology firm.
    Elgeti's OboTech Acquisition is selling 20 million shares at
10 euros each in a private placement this week, the company
said, adding that it is aiming to buy a target with an equity
value of between 200 million euros and 3 billion euros ($3.6
billion).
    OboTech Acquisition is special purpose acquisition company
(SPAC), or shell company, that raises money via a stock market
listing and then seeks to merge within two years with a
privately held company that becomes publicly traded as a result.
    OboTech is joining a string of shell companies listing in
Europe and is following venture capitalists Klaus Hommels'
Lakestar SPAC I SE  LRS1.DE  and Alexander Kudlich's 468 SPAC 1
SE onto the Frankfurt stock exchange. urn:newsml:reuters.com:*:nL8N2M726E
    Elgeti still serves as chairman of property firm TAG
 TEGG.DE . He is also CEO of Deutsche Industrie REIT  JB7.DE 
and Deutsche Konsum REIT  DKG.DE , and invests in property and
financial services through his Obotritia Capital vehicle.
    ($1 = 0.8255 euros)

 (Reporting by Arno Schuetze
Editing by David Goodman and Pravin Char)
 ((arno.schuetze@thomsonreuters.com; +49 30220133648;))