Inveniam Capital Partners (ICP) plans to tokenize four real estate projects for a total of $260MM USD.
According to the company’s website, the first property to be closed is that of the WeWork building in downtown Miami, Florida for a total raise of approximately $30-65.5MM USD. A deposit has already been placed on the property using bitcoin. The three remaining properties include: two projects in North Dakota and another in southwest Florida. Once all of the deals have been finalized ICP will auction off shares in the assets which will be represented by ERC-20 tokens.
The auction will be a “Dutch Auction” meaning that potential investors place bids outlining how many shares they want and for what price. Bids will be accepted in the form of the top fifty cryptocurrencies determined by market capitalization. Investors must hold at least $10MM in crypto to participate and the minimum purchase is set at a $500,000 USD investment. The sale will be conducted in accordance with the US Securities Exchange Commission’s private placement rules.