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50 PROPTECH INVESTMENT TO BRING SFR MARKETPLACE TO PUBLIC MARKETS PropTech Investment Corporation II, a special purpose acquisition company targeting businesses in the real estate technology industry, and RW National Holdings, LLC (d/b/a Appreciate), the parent holding company of Renters Warehouse, an end-to-end single-family rental (SFR) marketplace and management platform, have entered into an agreement which will result in Appreciate becoming a publicly listed company. Upon closing of the transaction, PropTech II will be renamed Appreciate and will remain listed on the Nasdaq Capital Market under the new ticker symbol "SFR." rough its operating company, Renters Warehouse, Appreciate offers a full-service technology platform for investing in and owning SFR properties. e company provides a proprietary online marketplace and full- service brokerage teams in over 40 markets, allowing investors to execute with efficiency and confidence. Appreciate's clients benefit from an SFR property management platform that addresses the full spectrum of investor needs, from resident placement and property management to analytics and reporting. "Single-family rental represents an attractive investment opportunity and investment hedge, but the complexity of buying and owning a rental property has until now been a hurdle for many investors," said Chris Laurence, CEO of Appreciate. "Our goal is to democratize SFR ownership by making the end-to-end process more seamless and closer to the experience of managing other types of investments. Combining with PropTech II and becoming a publicly listed company will enable us to scale our business with both retail and institutional investors and capitalize on the strong economic and demographic tailwinds in SFR." Tom Hennessy, Chairman, Co-CEO, and President of PropTech II, added: "SFR technology is one of our highest conviction investment themes at PropTech II. We believe that Appreciate, with its end-to- end solution, is the category winner in this massive but fragmented TAM. e company has an accomplished leadership team, a proven revenue model, and highly scalable unit economics. We are thrilled to partner with Appreciate and look forward to their public debut." e combined company will have an estimated post-transaction enterprise value of $416 million, consisting of an estimated equity value of $575 million, $159 million in cash, and no debt, assuming no redemptions by PropTech II public stockholders. Cash proceeds raised will consist of PropTech II's approximately $230 million of cash in trust (before redemptions), and a committed equity facility of $100 million from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Company, subject to certain conditions precedent. Industry Updates From mergers and acquisitions to cutting-edge tech tools and solutions, here's the company news the industry is talking about this month.