Single-family rental platform Appreciate to go public in SPAC deal

Defying investors’ waning interest in risky proptech stocks, the sponsor pair behind Porch’s 2020 rocky SPAC merger are taking another firm public — this time are targeting the hot single-family rental sector. PropTech Investment Corporation II, the second special-purpose acquisition company launched in 2020 by Abu Dhabi Investment Authority veterans Joseph Beck and Thomas Hennessy, will merge with Appreciate, the parent company of single-family rental marketplace and management platform Renters Warehouse, the companies said Tuesday.