BrickMark is purchasing a commercial property on the renowned Zurich Bahnhofstrasse for 130 million Swiss francs. A significant part of the purchase price will be paid in BrickMark tokens, according to a statement. BrickMark tokens are based on the Ethereum blockchain and make use of smart contracts to establish the detailed rights and entitlements of the token holders.
The seller of the property is the German RFR Holding GmbH. The transaction is based on a share deal and initially BrickMark acquired 80 per cent of the shares of Bahnhofstrasse AG with a call option on the remaining 20 per cent within 9 months.
“BrickMark has set out to establish an additional form of capital in the institutional real estate market using blockchain technology,” said Stephan Rind, CEO of 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."
RFR Holding bought the property in summer 2019 and is now selling it in an off-market deal. "RFR’s interest in innovation in the real estate industry was certainly helpful," added Rind.