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Chetrit, Leaseum Partners to raise $250M Manhattan, NY, real estate fund

The Chetrit Organization principal Michael Chetrit launched a $250 million tokenized real estate investment fund with London-based real estate investment firm Leaseum Partners, The Real Deal reported.

The 10-year fund will target commercial real estate investments in Manhattan, N.Y. It will be securitized into digital tokens that will be offered in a private placement and a "crowdsale" to accredited investors. The crowdsale will be launched by Leaseum in the third quarter, with the first returns expected in 2019.

The value of the tokens, which will come with voting, dividend and redemption rights, will be linked with the value of the portfolio. Dividend payouts from rent income and capital gains upon expiration of the fund will be paid to token holders, the publication noted, citing Leaseum co-founder and CEO Steve Sillam.

The Chetrit Organization is a spinoff of real estate management and development services firm Chetrit Group.

Chetrit did not comment on the matter, according to the publication.