Former Vornado Realty Trust President and CEO Michael Fascitelli and previous Man GLG Chairman Noam Gottesman launched a special purpose acquisition company that will target deals in the real estate and hospitality sectors, Reuters reported, citing marketing materials.

Landscape Acquisition Holdings Ltd. is looking to raise $500 million in an IPO of 50 million units priced at $10 apiece. Depending on investor demand, the IPO size may be increased, according to Thomson Reuters' International Financing Review, citing information from bankers involved in the future listing.

Reuters noted in the Nov. 10 report, citing a document from one of the banks arranging the IPO, that the two executives are injecting $40 million into the buyout vehicle, which targets a Nov. 15 listing on the London Stock Exchange.

Landscape seeks to acquire an operating company or a business containing real estate elements and will focus mainly on North America and Europe. It will have two years to make an investment, with a one-year extension option, Reuters added, citing the document.

Man GLG is the discretionary investment management arm of Man Group Plc. Credit Suisse, Goldman Sachs and Morgan Stanley are the global coordinators for the IPO.