BlocHome Community Acquires First Luxembourg Building

A community of investors in Luxembourg has just purchased a block of flats in Luxembourg-Cessange with security tokens, thanks to a new investment platform. 

Announced on Friday, the acquisition comes less than a year after LetzToken launched BlocHome, a platform that digitalises and fractionalises real estate, enabling people to invest in the market from as little as €1,000. 

The Clapton building, BlocHome’s first full-time residential project in Europe, is valued at just under €8m, including tokenisation, commercialisation, set-up and building management costs. 

The investment is still open as long as shares are available for the building, which is expected to be delivered in March 2023. The firm plans to announce a “last-chance” campaign offering shares at €1 for last-minute investors. At the same time, it is working on clearance of the suspensive clause for Clapton residence. 

BlocHome, which went live in December 2021, aims to create a global real estate community where members can adjust the ownership and use of their properties to suit their personal needs.

Today, more than 1,000 people, including 280 investors, have subscribed to the platform.

On Friday, BlocHome also revealed it had secured a strategic partnership with real estate firm RMS Immobilière, which it says will help to accelerate community growth. At the same press conference, BlocHome said that its token value had risen 6%, with a revaluation rate of  €1.06, up from €1. 

Founding member Maroun Altekly told Silicon Luxembourg: “We are looking for the next building in Luxembourg. Also, we are working on building up the structure of the usage token and much more!”

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