Slice of prime Zurich real estate sold on blockchain

A building on Zurich’s most exclusive shopping street has been converted into a blockchain-powered investment following its CHF130 million ($134 million) sale. It is the latest attempt to unlock the value of bricks and mortar using digitally-coded tokens. Bahnhofstrasse 52, which houses offices and a Swatch retail outlet, was bought by Zug-based real estate investment firm BrickMark on Wednesday. The company 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 ...
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