French Fintech Announces Paris RE Tokenization Deal
French fintech firm ID Distribution announced a joint venture with local real estate firm Groupe JRI, aiming to tokenize various properties in Paris.
ID Distribution and Groupe JRI plan to jointly issue security tokens and a Frankfurt listed bond to acquire buildings in downtown Paris. The total amount of funds to be spent, 70 million euros will be allocated to acquire five buildings which will be then leased.
The use of security tokens is meant to strengthen the capital more so than could be achieved with traditional debt instruments. Furthermore, ID Distribution and Groupe JRI’s security tokens will feature a 6.5% yield. Tokens will be issued on a private blockchain through tokenization platform wezee.io.