A $134 Million Building in Zurich Has Sold Via Cryptocurrency
January 24, 2020 - Zurich
A building on Zurich’s most exclusive shopping street has been converted into a blockchain-powered investment following its CHF130 million ($134 million) sale.
Bahnhofstrasse 52, which houses offices and a Swatch retail outlet, was bought by Zug-based real estate investment firm BrickMark on Wednesday.
BrickMark has issued digital tokens, underpinned by a bond, which can be bought and eventually traded by investors who want a slice of the building’s rental income and increase in sale value.
BrickMark funded about 20% of the purchase by giving the seller, RFR Holding, a batch of its newly created tokens.
This means that RFR Holding retains a stake in the future income of the building.
“There has never been a token-financed transaction of this magnitude,” said BrickMark CEO Stefan Rind in a statement. “We are implementing what was once no more than a concept in the real estate industry.”
The Bahnhofstrasse buildling is the first of a planned global real estate portfolio that could be worth upwards of CHF1 billion, the company said.
BrickMark is accumulating a €50 million cash stockpile from investors but also intends to part-finance further acquisitions with its tokens. Read the rest of the story @ Swissinfo
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