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Investment veterans launch real estate, hospitality buyout vehicle
November 9, 2017 / 5:31 PM / 10 days ago

Investment veterans launch real estate, hospitality buyout vehicle

NEW YORK (Reuters) - The former chairman of fund manager Man GLG and the ex-president of Vornado Realty Trust are behind a buyout vehicle that will seek deals in the real estate and hospitality sectors, according to marketing materials seen by Reuters on Thursday.

Landscape Acquisition Holdings Limited, a special purpose acquisition , or SPAC, is raising $500 million through an initial public offering and will focus primarily on North America and Europe.

The duo behind Landscape are Noam Gottesman and Mike Fascitelli, who both have extensive experience in investing in their target industries.

Gottesman co-founded investment manager GLG Partners in 1995, which was sold to Man Group in 2010 for $1.6 billion. Since then, he has made a number of restaurant investments, including in Eleven Madison Park in New York City.

He also founded another SPAC, Nomad Foods, which in 2015 bought Iglo Group for $2.8 billion. At the time, it was Europe’s largest frozen foods business.

Fascitelli was president of Vornado for 16 years until 2013, during which time the real estate investment trust grew into one of the most significant owners of property in Manhattan. Its current portfolio includes buildings in San Francisco and Chicago, according to its website.

The two are putting $40 million into Landscape as part of the IPO, which will list the SPAC on the London Stock Exchange on Nov. 15, according to a document from one of the investment banks arranging the float.

Credit Suisse, Goldman Sachs and Morgan Stanley are the global coordinators for the IPO, which is offering 50 million units at $10 each.

The size of the IPO could be increased above the stated $500 million target, depending on investor demand for the SPAC, said IFR, a Thomson Reuters unit, attributing the information to bankers involved in the listing.

Under the SPAC’s terms, Landscape will have two years to make an investment, with an option for a one-year extension at the discretion of unit holders, the document said. If nothing is purchased in that time period, money is to be returned to investors.

“The company expects to focus on acquiring an operating company or business with a real estate component (such as a business within the hospitality, lodging, gaming, real estate, property services or asset management industries),” according to the document.

Reporting by David French; Additional Reporting by Arno Schuetze in Frankfurt; Editing by Dan Grebler and David Gregorio

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