Property tokenization - a utility for blockchain technology

The real estate company BrickMarket has tokenized and sold on the blockchain a building in Zurich. The building is located on the prestigious Banhofstrasse and is worth $ 134 million.

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1 Property tokenization – a trend in Switzerland

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BrickMarke has issued tokens representing “shares” owned by the building. These have been sold to people who want to earn some of the rental income of the building. They can also benefit from any increase in the value of the property.

The building is located in a very expensive area of Zurich and includes office space and a ground floor Swatch shop.

Property tokenization – a trend in Switzerland

The former owner is a company called RFR Holding, which will keep a version of ownership after this sale. The terms required RFR to receive 20% of the total token offer issued by BrickMarket. In this way, the company will continue to own part of the building and will collect passive income from its rent.

The Bahnhofstrasse building is the first in a BrickMark real estate portfolio to be tokenized and sold on the blockchain. The company plans to build a blockchain-based real estate business that could be worth over CHF 1 billion.

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BrickMark tokens are based on the Ethereum blockchain and use smart contracts to establish the rights of the holders. These will include clearly defined claims on rental income and participation in increasing the value of the portfolio.

BrickMark is the latest real estate company that uses blockchain technology in the real estate industry. Last year, a consortium led by blockimmo transformed a Swiss building into digital stocks and sold a 20% stake to blockchain investors.

More recently, WeCan has opted for tokenization of properties. Based in Geneva, it has tokenized two properties in Portugal, worth 11 million euros.