Cain International Withdraws $250M Real Estate-Focused SPAC

Cain International has pulled its plans for a blank check company, having previously aimed to raise $250M to take an entertainment or real estate company public.

Cain CEO Jonathan Goldstein wrote in a letter to the Securities and Exchange Commission Monday formally requesting to withdraw Cain Acquisition Corp.'s initial public offering.

Cain International, which has $11B under management, filed plans for an IPO in March last year, offering 25 million units at $10 per share, per Renaissance Capital, and was set to list on the Nasdaq with Credit Suisse as its underwriter. It, like many special purpose acquisition companies formed in the last year, was unsuccessful in finding a privately held company to acquire and take public.

“The Company is seeking withdrawal of the Registration Statement because it no longer wishes to conduct a public offering of securities at this time,” Goldstein wrote. "The Registration Statement has not been declared effective by the Commission, and no securities have been issued or sold under the Registration Statement."

He acknowledged there would be no fees refunded in relation to the filing, but asked those fees be credited for future use.

Cain International was formed in 2014 when Goldstein joined with Todd Boehly, a part-owner of the Los Angeles Dodgers and Lakers. Boehly’s company, Eldridge Industries, launched two SPACs in 2020, Bloomberg reported.

In the UK, Cain backs Maslow’s coworking and members club in London, as well as the all-female members club The Allbright. It has also invested in Competitive Socialising, which owns leisure brand Swingers, a concept that combines mini-golf, cocktails and street food and has a location in Washington, D.C.

Elsewhere in the U.S., Cain is partnering on the development of One Beverly Hills, a 17.5-acre development in LA, which has one of the biggest master plans for a private real estate project in the country. It is also developing luxury hotels, residential offerings and brand-new offices in Miami, New York and Boston.

Goldstein spoke on Bisnow’s podcast this week, about major trends that will influence real estate coming out of the pandemic, his belief in the future of office and why businesses need to accept their role in dealing with major social problems like the housing crisis and homelessness.

“I think one of the strong things that will emerge is health and wellness from this pandemic,” he said. “That's a very strong theme … And the growth of the net, the growth of the e-commerce world, the need for logistics hubs, the need for last-mile logistics — the need for all these areas is hugely important.”