ScalingFunds and Uavend to launch £30 million tokenised property in UK

Uavend, a UK-based property development and investment company, has commissioned ScalingFunds to tokenise a £30 million property in the Southwest of England

Uavend Property and Leisure, a UK-based property development and investment company, has commissioned fintech company ScalingFunds to tokenise one of the firm’s real estate investment vehicles, according to a press release shared with Coin Rivet.

The total value of the property to be tokenised is £30 million. The luxury residential building, based in the Southwest of England, is set to open before the end of 2019.

ScalingFunds’ proprietary technology allows shares of the property to be registered on the blockchain. The process, known as tokenisation, entitles the shareholder of this digital asset to the economic benefits of the underlying real estate asset. These include:

  • Dividends from rent
  • Interest
  • Personal distributions
  • The ability to trade digital shares on the secondary market

About ScalingFunds

ScalingFunds is a brand of Brickblock Digital Services GmbH. This B2B funds-as-a-service platform provides fund managers with blockchain-based investment solutions.

There are a wide variety of solutions included, from know-your-customer (KYC), reporting, auditing, and compliance.

ScalingFunds manages these tasks, helping its customers to save time and money and giving them the ability to focus on their main business priorities.

How will tokenisation benefit Uavend?

Speaking on the move, Eamon O’Connor, CEO of Uavend, said: “Incorporating ScalingFunds’ state-of-the-art technology allows us to more efficiently structure our financial holdings. This complements the innovative approach we take in real estate construction and development.

“Our project represents the first of what we expect to be many partnerships with ScalingFunds to explore new financing mechanisms.”

To find out more about the latest developments in the blockchain industry, follow Coin Rivet.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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