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Home Blockchain Technology

ScalingFunds and Uavend to launch €35 million tokenized UK property

Brickblock’s proprietary technology allows for shares of the SPV to be registered on the blockchain, a process known as ‘tokenization’

Published by CryptoNinjas.net
09/09/2019
ScalingFunds and Uavend to launch €35 million tokenizem property in the U.K.

U.K.-based property development and investment company, Uavend Property and Leisure, today announced it is commissioning ScalingFunds to tokenize one of their real estate investment vehicles (SPV) with a value of €35 million in the property.

The property is a luxury residential building in southwest England, United Kingdom, set to open in Summer 2019. It is operated by a premium provider which oversees more than 50 properties nationwide for a mixture of international and UK funds.

“Incorporating ScalingFunds’ state-of-the-art technology allows us to more efficiently structure our financial holdings. This complements the innovative approach we take in real estate construction and development. Our project represents the first of what we expect to be many partnerships with ScalingFunds to explore new financing mechanisms.”
– Eamon O’Connor, CEO, Uavend

Digital shares created by tokenization entitle the shareholder to the economic benefits of the underlying real estate asset (e.g. dividends from rent, interest, principal distributions). Furthermore, tokenization creates liquidity as digital shares can be traded on the secondary market without the friction of traditional financial institutions.

“Tokenising this U.K. property is a great milestone not only for ScalingFunds but for the entire real estate and blockchain industries in Europe. We are increasingly working with institutional clients who are excited about the possibilities of using blockchain technology as a decentralized, secure, and immutable registry. We look forward to more projects with Uavend in the future.”
– Jakob Drzazga, Founder and CEO, Brickblock

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