SIRIHUB Launches Real Estate-Backed Tokens On XSpring Using Tezos
SIRIHUB launches real estate-backed tokens on the XSpring platform using Tezos technology. It will be Thailand’s first real estate-backed token launched under the supervision of the Thai Securities and Exchange Commission (SEC).
SIRIHUB Launches Real Estate-Backed Tokens
SIRIHUB has launched their real estate-backed tokens on the XSpring platform using Tezos technology. It will be Thailand’s first real estate-backed token launched under the supervision of the Thai Securities and Exchange Commission (SEC).
XSpring Digital tokens are powered by Tezos and the SIRIHUB Investment Token runs on the Tezos blockchain.
The underlying asset which is associated with this offering is the Siri Campus, which has steady cash flow generated from a long-term lease agreement with Sansiri Public Company Limited.
Sansiri describe themselves as ‘Thailand’s Leading property developer’ and as of 2021 had total assets of over 115 billion baht (over $3.4 billion USD).
The Siri campus is described as being the head office of Sansiri PLC and being located prime location in Bangkok with convenient public transport.
This special type of offering will allow different types of investors on many levels to take part and access an investment opportunity that involves high-value Thai real estate.
These types of opportunities are normally only reserved for high-net-worth individuals and accredited investors.
After the offering is complete, the tokens are expected to trade on ERX, a Thai digital exchange. Earlier this year XTZ News reported that ERX would be listing its first real estate ICO in July With Thai SEC Approved Filing.
It is expected that the tokens will be available for trading on ERX on October 12th.
The tokens are priced at 10 baht each (around $0.30 USD at the time of writing) and the total value of tokens to be sold stands at 2.4 billion baht (around $71,956,464 USD.)
The tokens are:
“”…subdivided into two tranches, comprising 160 million tokens worth 1.6 billion baht for SIRIHUB-A and 80 million tokens worth 800 million for SIRIHUB-B”.
Tranche B holders will receive a quarterly revenue share of 8% per year and Tranche A holders will receive a quarterly revenue share of 4% per year.
Tranche A holders receive great flexibility with their investments however and are in terms of redemption funds and voting rights.
XSpring Digital is in the process of negotiating with more than 10 businesses that have expressed an interest in raising funds through these Thai investment opportunities, labeled in Thailand as ‘ICOs’.
The companies operate in the entire real estate sector, tourism, energy, and entertainment industry.
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