MarketSpace Capital and DigiShares partner to tokenise a 250-unit active older adult housing development in Dallas, Texas
MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, has partnered with DigiShares, an end-to-end white-label platform for tokenised securities, to tokenise and manage the share cap table for the Spot@Myra Park, a real estate development project in Dallas, Texas.
The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be tokenised by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.
DigiShares CEO, Claus Skaaning, says: “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”
MarketSpace Capital is focused on ground-up developments and value-add investments through the US and has over USD400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.
MarketSpace Capital Co-Founder and Chairman Dr Masaki Oishi says: “We see great value in the tokenisation of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratising access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over USD1 billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”