UK Sotheby’s International Realty, an affiliate of the global estate agency network and Smartlands, the global digital securities platform and first mover in regulated asset tokenisation on blockchain, have signed a cooperation agreement to collaborate in a series of experimental projects in tokenised luxury real estate. Sotheby’s have chosen Smartlands as 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 in London, to be managed by UK Sotheby’s. The property will have practical completion on the construction and internal fit-out in Q1 2020.
Robin Paterson, Joint Chairman & CEO, UK Sotheby’s International Realty, commented: “We are proud to have attracted the world’s wealthiest individuals to the best in exclusive real estate. Our customers’ needs evolve with the advent of new technology, while the property industry is also going through digital transformation. Collaboration with Smartlands will help us explore how innovative tech can help us add value to our proposition. With this approach, the benefits for international sellers and buyers are immense. Smartlands is transforming the value exchange on a global level creating a wide array of opportunities for private high-net-worth individuals the world over by allowing them to find each other easily, create offers, issue equity, diversify their portfolios, and grow their wealth without ever having to lift their fingers off the computer keyboard or a mobile device.”
“We’re honoured to collaborate with UK Sotheby’s on this endeavour,” Smartlands CEO Ilia Obraztsov says. “We realise that high-earning consumers from the United States, United Kingdom, United Arab Emirates, India and China are looking for new ways to invest in luxury properties globally. We open the way to a new generation of investors – early adopters who successfully leverage tech innovations to make investment decisions and diversify their portfolio. The option to invest using fiat currency or cryptocurrency makes it an especially lucrative opportunity for overseas investors. Sotheby’s centuries-old tradition and Smartlands’ technological edge is a perfect combination for creating a completely transparent global network of highly sophisticated investors in luxury property markets”.