According to a recently published press release, tZERO, the blockchain innovation arm of Overstock, has announced a partnership with Alliance Investments, to tokenize River Plaza, Alliance’s luxury residential area of 180 units, in Manchester, U.K.
The announcement specifies that at least $25 million of the River Plaza project will be fully tokenized and powered by the Tezos blockchain. This is in line with Alliance Investments’ plan spanning a few years, to eventually tokenize up to $640 million worth of real estate offerings in several parts of the U.K.
Saum Noursalehi, the tZERO CEO, has said that a move like this would be great for the real estate sector, and general access to its offerings. He said:
“We believe that asset tokenization will revolutionize the real estate sector. We applaud Alliance Investments for spearheading one of the world’s first real estate-backed security token offerings. Tokenization of real estate will democratize access and greatly enhance liquidity for this asset class.”
The tokenization of real estate is also expected to considerably improve liquidity for investors interested in real estate, through a secondary trading system from tZERO which powers a subsidiary for alternative trading called PRO Securities. With this, tZERO hopes to reduce the difficulty with real estate investments and expand access to the worldwide $217 trillion industry.
The token is expected to be ready and available to the public, sometime in the first quarter of next year.
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