Brickblock, a technical service provider based in Berlin, has tokenized a residential real estate vehicle carrying a property in Wiesbaden, Germany. It is the first transaction in the EU for which shares are represented on the blockchain.
Today, Brickblock achieved a significant milestone by tokenizing a real estate vehicle carrying an approximately €2 million property in Wiesbaden, Germany. The sale was exclusive to eligible investors. It is the first transaction in the European Union for which real estate shares are registered as digital tokens on the blockchain, a process known as 'tokenisation.' Tokens entitle the token holder to the economic benefits of the underlying real estate asset (e.g. dividends from rent, interest, principal distributions). While the real estate industry has been slow to transition from paper-based to digital processes, Brickblock's proprietary technology and legal framework have provided a real use case to accelerate this shift.