Blockchain real estate company BrickMark AG signed a deal to acquire a majority stake in a commercial building along Bahnhofstrasse in Zurich from RFR-Holding GmbH for over CHF130 million.
In a share deal, the Swiss company will buy 80% of the shares in Bahnhofstrasse AG, with a call option to purchase the remaining 20% within nine months. A considerable size of the purchase price will be paid through BrickMark's blockchain-based tokens, according to a release.
The office-led property at Bahnhofstrasse 52 has a lettable space of more than 1,600 square meters, with about 15% along the ground floor allotted to retailers.
RFR, which remains a 20% shareholder of the property, will lead the redevelopment of the asset to increase its retail space without reducing the existing office capacity. Construction work is expected to be completed in about two years.