BrickMark
has signed a purchase agreement for a high-profile prime commercial property in
one of the world’s most expensive and exclusive shopping street in Zurich.
The
Zug-based next-generation real estate investment and management firm made the purchase
on Bahnhofstrasse by using tokens that were worth over CHF 130 million (£103m).
Stephan
Rind, founder and CEO of BrickMark, said: “We are breaking new ground for the
real estate industry. There has never been a token-based real estate
transaction of this magnitude. We are implementing what was once no more than a
concept in the real estate industry. This is why it was so important to us that
the real estate and transaction partners were of the highest quality and
reputation.”
The
transaction between both the parties is based on a share deal. Before the
transaction took place, BrickMark bought 80 per cent of the shares of Bahnhofstrasse
AG with a call option on the remaining 20 per cent within 9 months.
International real estate investor RFR Holding GmbH is the seller of the property
and will remain a 20 per cent shareholder in Bahnhoftstrasse AG and will be
spearheading the redevelopment process. A substantial portion of the purchase
price will be paid in BrickMark tokens.
At the end of 2018, the Swiss Federal Council issued a report that outlined the legal framework for distributed ledger technology to be included in the current financial system. In the report, the council had proposed an amendment to the country’s securities law in order to ensure the legal certainty of crypto tokens. During the time FINMA also introduced a new fintech license with “relaxed” requirements that are applicable to blockchain and cryptocurrency-based firms.
Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.
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