tZERO, the global leader in blockchain innovation for capital markets, has partnered with Alliance Investments, a UK-based direct-to-developer real estate investment company, to provide technology services to tokenize Alliance Investments’ River Plaza. The property is a 180-unit luxury residential development that is located in Manchester, UK.
According to the press release River Plaza is the UK’s first real estate-backed security token offering (STO) and the first project of Alliance Investments’ real estate tokenization plan to tokenize approximately $640 million of real estate projects across the UK over the next several years.
Alliance Investments intends to tokenize at least $25 million of the value of River Plaza. The River Plaza STO will be digitized using tZERO’s tokenization technology and Megalodon’s advisory services and issued on the Tezos Blockchain. River Plaza’s security tokens will provide investors with liquidity through tZERO’s secondary trading technology, which powers the alternative trading system operated by PRO Securities, LLC, a subsidiary of tZERO. The STO is expected to launch in Q1 of 2020.
tZERO CEO Saum Noursalehi stated, “We believe that asset tokenization will revolutionize the real estate sector. We applaud Alliance Investments for spearheading one of the world’s first real estate-backed security token offerings. Tokenization of real estate will democratize access and greatly enhance liquidity for this asset class.”
Alliance Investments CIO Rani Zahr who is based in UAE, said, “We view tZERO as a leader in blockchain innovation and asset tokenization solutions and are excited to partner with them on our first STO. We strive to stay ahead of the innovation curve and believe that security token offerings are the future. They are more efficient, cost-effective, autonomous and democratic in comparison to traditional financing. We hope to continue to collaborate with tZERO to see out our real estate tokenization plan.”