Israeli-American billionaire Noam Gottesman and former president of Vornado, Michael Fascitelli, raise $500 million for a blank check company to make acquisitions in the real estate and hospitality sectors and may issue the skeleton company for trading on the London Stock Exchange as early as this week.
CNBC reported that Noam Gottesman and Fascitelli are putting $40 million of their own money into the blank check company Landscape Acquisition Holdings. They are raising the rest from outside investors.
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Landscape will make a variety of acquisitions including hotels, resorts, restaurants, and gambling.
Blank check companies raise money from investors in the offering first and later use funds to finance the acquisition of companies, usually within a predetermined period of time.
The year 2017 marked the return of blank check companies after no less than 27 such companies were issued in the United States, raising a total of $7.7 billion, the most active year since 2007, according to Renaissance Capital.
Gottesman, who protect his privacy, is the CEO and founder of the New York hedge fund TOMS Capital, owner of the New York restaurant Eleven Madison Park and a restaurant at the NoMad Hotel.
In 1995 he was among the founders of the GLG hedge fund and served as its co-chairman and co-CEO. GLG was sold at the beginning of the decade to Man Group for $1.6 billion.
He is also the co-founder of Nomad Foods, Europe’s largest frozen foods company.
Noam Gottesman personal fortune is estimated at $2.4 billion.
The company’s first IPO underwriters are Goldman Sachs, Morgan Stanley, and Credit Suisse.
