Real Estate Giant Colliers To Use Stellar Blockchain To Tokenize Propertiesbr>
Smartlands’ platform is designed to bring together companies and investors by creating low-risk blockchain-based securities backed by real estate assets, agriculture assets and assets in other sectors of the economy. It is built on the Stellar network and employs advanced blockchain technology with secure transactions and extended capabilities.
Based in Canada, Colliers International is a global commercial real estate services organization with approximately 12,000 employees in more than 500 offices in 69 countries. Colliers’ services include consulting, corporate facilities, investment services, landlord and tenant representation, project management, urban planning, property and asset management and valuation and advisory services. In 2017, it had managed over two billion square feet of real estate through 60,000 transactions worth $116 billion, totaling $2.7 billion in revenue.
Under the partnership, the two companies will work together to explore the possibilities of securitizing real estate. They are planning to use the Stellar Network to develop a real estate tokenization project based on select properties managed by Colliers.
Ramune Askiniene, CEO of Colliers International Advisors in Lithuania, said that he believes that the real estate industry is “ripe for tokenization.”
“We at Colliers are positive that digital entrepreneurship of the new post-ICO era of security tokens will have a significant impact on redefining wealth creation, investing, fundraising, and a host of other Internet-based commercial activities,” Askiniene said. “Colliers is pleased to cooperate with the Smartlands Platform who appears to have a perfect grasp on asset tokenization on Stellar.”
Arnoldas Nauseda, CEO of Smartlands, said that creating liquidity for a property of any kind was always a main challenge for the real estate industry.
“Legacy finance institutions rule the real estate space with an iron fist and are showing very little willingness to let up the pressure, adopt new technologies and embrace the Zeitgeist,” Nauseda said. “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. Colliers was perceptive enough to enter the partnership immediately.”