Most of those that managed to secure mergers found their valuations slump in the aftermath as interest rates jumped last year and equity markets tumbled.An increase in office stock, the switch to hybrid working, as well as job losses in the tech sector have contributed to a slowdown in the Dublin commercial real estate market, according to industry expert, John Moran. The CEO of JLL joins Ciaran Hancock to discuss the 13% office vacancy rate driven partly by the increase in 'grey space.
By the end of 2021, Spacs holding $45 billion of investor funds had been put into liquidation as their sponsors threw in the towel. However, the dream of Dublin 4 businessman Doran banking on lucrative matchmaking rewards has evaporated. It is understood they had actually found a replacement target by late October and signed a letter of understanding with the party, believed to be a US technology company with business on both sides of the Atlantic. News just before Christmas that NAAC had called a shareholder meeting this week to ask shareholders for six more months to complete a deal sounded hopeful.
The deal has yet to close, with a second extension in the time frame to complete set to run out in early March. While the stock is currently changing hands at a little over $15, it is still the most highly valued pre-deal Spac in the market.