The partnership, one of the first cooperative projects announced between a tokenization platform and a luxury real estate firm, will see the companies collaborate in a series of experimental projects in the field of tokenization of luxury real estate.
The tie-up aims to explore the possibilities that blockchain technology provides for a luxury real estate market and the exclusive opportunities it opens for a new generation of investors worldwide. It will start with a prestigious duplex in prime central London.
UK Sotheby's International Realty, an affiliate of a global estate agency network specializing in residential sales, lettings, development sales, investment and international sales, chose Smartlands, a global digital securities platform and the first mover in regulated asset tokenization on blockchain, as a partner to explore the opportunities related to the issuance of digital shares (security tokens) representing ownership rights for luxury real estate properties managed by the firm.
The pilot project will be a newly-built duplex apartment at Lillie Square, near Hyde Park, which will be managed by UK Sotheby’s. The property is set to have practical completion on the construction and internal fit-out in Q1 2020, with particular details of the offering announced then.
Robin Paterson, joint chairman and chief executive officer at UK Sotheby's International Realty, said the company was proud to have attracted the world’s wealthiest ‘individuals with impeccable taste for the best in exclusive real estate’.
“Our customers’ needs evolve with the advent of technology, in the meantime the property industry is also going through digital transformation,” he said. “Collaboration with Smartlands will help us explore how innovative tech can help us add value to our proposition.”
With this approach, he added, the benefits for international sellers and buyers would be immense.
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