Single-Family Rental Firm Appreciate to Go Public in SPAC Deal (1)

A property management and acquisition platform for single-family landlords is going public through a blank-check merger in a bet that investor appetite for rental houses will outlast waning enthusiasm for real estate technology stocks.

PropTech Investment Corporation II, a special-purpose acquisition company led by chairman Tom Hennessy, is merging with Appreciate, which helps investors buy, manage and sell rental homes in more than 40 geographic markets across the US. The combined company will have an estimated enterprise value of $416 million and up to $159 million in net cash as well as a $100 million committed equity facility from an ...