News

BrickMark makes largest real estate transaction with tokens

The real estate blockchain company BrickMark from Crypto Valley is purchasing a building on Zurich Bahnhofstrasse for 130 million Swiss francs. The transaction is the largest ever made on the blockchain.

BrickMark has purchased a building on Zurich Bahnhofstrasse with tokens. Image Credit: Pxhere
BrickMark has purchased a building on Zurich Bahnhofstrasse with tokens. Image Credit: Pxhere

 

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.

Handbook for Investors

Our Handbook for Investors provides valuable information about technologies and production costs, taxes and financing, as well as the legal system and infrastructure in Switzerland. Browse through the complete handbook online or download the chapters most relevant to you.

Download
Condividete
Come vi possiamo contattare?

Premium Partner

Partner strategici

Partner istituzionale

Programma ufficiale