Tokenized Real Estate Fund Raises $50 Million
BlockEstate has raised more than $50 million from accredited investors for one of the first private US real estate funds to be tokenized.
Tokens will represent a share of the BlockEstate Alpha Fund. 90% of the funds raised will go toward the acquisition of real estate properties throughout the US to generate income streams. The remaining ten percent will be used for operations, including management, administration, legal, and advisor fees.
The fund intends to use anywhere from 50-100% of net profits to repurchase tokens from token holders on the open market. These repurchased tokens will be burned in an effort to decrease the circulating supply of tokens, thereby increasing the value of each token.
In the near future, accredited investors will be able to purchase and sell the token through the OpenFinance Network.
Security token issuance was managed by Polymath with marketing and investor relations support by Issuance.