Global Real Estate Giant to Use Stellar Network for Tokenized Properties on the Blockchain
Stellar-based Smartlands Platform has announced a real estate tokenization project for properties managed by Colliers International, a Toronto-based real estate firm with offices in 69 countries.
The Stellar-based platform is one of a growing number of initiatives designed to transform the real estate industry by tokenizing properties and crowdsourcing capital from around the globe. The platform will also use blockchain technology to execute and secure the documentation required for each real estate transaction.
“Smartlands Platform approached Colliers International with a ready technological solution for tokenizing ownership of the real-world assets in a fully compliant legal framework, which instantly solves virtually all problems of the real estate industry,” says Smartlands Platform CEO Arnoldas Nauseda.
The platform manages auditing, legal due diligence and other preparatory procedures.
Smartlands’s partnership with Colliers exemplifies how leaders in traditional industries are exploring new ways of doing business by using Stellar, an open-source, decentralized protocol for cross-border, crypto-to-fiat transfers.
With more than $20 billion under management, the Toronto-based real estate giant reported corporate revenues of $2.3 billion ($2.7 billion including affiliates) in 2017.
Serving hotel, retail, office, industrial, mixed-use and residential property sectors, Colliers, which has ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, is ranked among the top three property managers in the world by Commercial Property Executive along with JLL and Cushman & Wakefield.
In addition to real estate, Smartlands is targeting private equity, manufacturing and agriculture.