Cygnes Real: the first real-estate investment platform to use tokenisation, enabling fast, accessible and low cost fractional ownership of property

2019年全球商业地产投资达到前所未有的8300亿美元。房地产开发传统上是流动性最差的资产类别之一，需要大量的资本承诺，并需要漫长而昂贵的交易过程。直到最近，部分所有权的概念一直被用来解决这一进入壁垒，在美国主要是以房地产投资信托(REITs)的形式存在。这些使投资者能够获得房地产投资组合的部分所有权权益，这些房地产投资组合的长期表现优于其他主要资产类别(毕马威，2020)。然而，在受监管的证券交易所上市的REITs的成本非常高(高达100万美元)。这需要一项重大的前期资本要求，这对单一物业开发项目来说尤其令人望而却步。新投资者对更多准入的需求不断增长，现有投资者对更大流动性的需求不断增长，这推动了房地产投资格局的转变。需要新技术为金融业和投资者带来更高的效率、更高的安全性和更低的成本。Cygnes Real将完成一个为期18个月的工业研究项目，以开发第一个使用符号化的房地产投资平台，实现快速、可访问和低成本的物业部分所有权，为英国房地产开发商和专注于英国的私募股权房地产基金提供新的融资选择。Cygnes Real将发行/管理在领先区块链上注册的安全令牌，以众筹房地产开发。投资者可以购买开发项目的象征性股票，并在英国受监管的数字二级市场交易这种数字安全。这将促进流动性，向更广泛的投资者开放房地产投资，给金融业带来革命性的变化。该公司将让投资者能够获得之前只有机构投资者才能获得的精心挑选的投资机会，比如顶级房地产开发项目和房地产私募股权基金。除了支持部分所有权外，它们还可以作为数字记录进行安全管理，自动执行投资者尽职调查和合规协议，并允许以数字方式完成交易结算。这些变化将显著减少与交易以前非流动性资产相关的时间和经济成本，使资产所有者和投资者都受益。Cygnes Real将与英国首个受监管的数字二级市场(MTF)Archax合作/整合，促进私人市场资产流动性的目标。

Global commercial property investment reached an unprecedented high of $830 billion in 2019\. Property development is traditionally one of the most illiquid asset classes, requiring significant capital commitments and entailing long, expensive transaction processes. Until recently, the concept of fractional ownership had been employed to address this barrier to entry principally in the form of real-estate investment trusts (REITs) in the US. These have enabled investors to acquire a fractional ownership interest in a portfolio of real-estate properties, that have outperformed other major asset classes over the long run (KPMG, 2020). However, the cost of setting up REITs listed on regulated stock exchanges is very high (up to $1m). This requires a significant upfront capital requirement which is especially prohibitive for single property developments. Growing demand from new investors for increased access and from existing investors for greater liquidity gives an impetus to transform the real-estate investment landscape. New technologies are needed to bring greater efficiency, higher security, and lower costs to the financial industry as well as investors.Cygnes Real will complete an 18 month Industrial-Research project in order to develop the first real-estate investment platform to use tokenisation, enabling fast, accessible and low-cost fractional ownership of property, to provide new funding options for UK property developers and UK focused private equity real-estate funds. Cygnes Real will issue/administer security-tokens registered on a leading blockchain to crowdfund property developments. Investors can purchase a tokenised share in a development and trade this digital security on a regulated digital secondary market in the UK. This will facilitate liquidity and open up real-estate investments to a broader range of investors, revolutionising the financial industry. The company will give investors access to carefully selected investment opportunities previously only available to institutional investors, such as top-tier property developments and real-estate private equity funds. In addition to enabling fractional ownership, they can be securely managed as a digital record, automate investor due diligence and compliance protocols, and allow transaction settlements to be completed digitally. These changes will significantly reduce the time and economic costs associated with trading previously illiquid assets, benefiting both asset owners and investors.Cygnes Real will partner/integrate with the first UK regulated digital secondary market (MTF) Archax, facilitating the goal of asset liquidity in the private markets.