Blockchain-based real estate firm makes token-based purchase

Blockchain-based real estate firm makes token-based purchase

Real estate investment company BrickMark has made a record-breaking blockchain-powered investment in the heart of Zurich's central business district.

BrickMark has signed a purchase agreement for the prime commercial property on Zurich's prestigious Bahnhofstrasse in a deal worth over CHF130 million ($135m). Initially BrickMark is buying 80% of the shares with a call option on the remaining 20% within 9 months.

Around 20% of the purchase price will be paid to current owner RFR Holdings in BrickMark's BMT security token.

BrickMark claims that tokenisation enables higher levels of transparency and compliance while also providing a more efficient, more functional and more fit-for-purpose form of capital.

"BrickMark has set out to establish an additional form of capital in the institutional real estate market using blockchain technology," says Stephan Rind, CEO, BrickMark. "We are proud to have carried out the largest transaction to date in the real estate industry worldwide using tokens as a means of payment."

Alexander Koblischek, MD, RFR Management, adds: "We gladly accepted the BrickMark tokens as part of the purchase price. We assume that digital financial instruments will also significantly gain in importance in the real estate sector in the future."

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