🚨🚨 The asset tokenization platform based on Ethereum, Blocksquare, has announced a partnership with a Florida-based real estate company to offer fractional ownership in a portfolio of commercial properties in the US valued at over $1 billion. The collaboration with Vera Capital aims to launch a marketplace in the coming weeks, allowing global investors to purchase tokenized shares in various properties across seven US states. The initial properties available for tokenization are part of the existing ownership of Vera Group, including a three-story office building in Fort Lauderdale and a retail plaza in Dania Beach.
Vera Capital, a subsidiary of Vera Group, operates a real estate agency, management firm, and investment fund in South Florida, with over $100 million invested in commercial property acquisitions, land development, and housing projects. Vera Group's CEO, Nick Polyushkin, stated that the $1 billion valuation is part of the company's roadmap, involving the tokenization of existing assets and fundraising for development projects. Future properties planned for tokenization include two unit complexes valued between $70 and $100 million. Polyushkin emphasized that although these figures may seem ambitious from a residential investment perspective, they are realistic and achievable in the commercial sector.
Although the prospects are promising, tokenized real estate still requires legal clarity in the US. Blocksquare has previously tokenized around 150 properties in 28 countries, valued at over $145 million. In February 2025, the platform will launch a framework compliant with the EU to allow property owners to tokenize the economic rights associated with real estate through notarized agreements. Blocksquare's CEO, Denis Petrovic, noted that the partnership with Vera Group is driving research on whether their framework in Luxembourg can be applied in the US. He mentioned the possibility of launching tokens directly without involving Luxembourg entities, highlighting the convenience it offers for US-based markets like Vera Group.
