Elevated Returns has announced that it has closed an $18 million tokenised asset offering of the St. Regis Aspen Resort, offering investors exposure to tokenised real estate.
In addition to the closure of the token sale, the asset management company has revealed it has acquired 24.9 per cent of Bangkok-based Seamico Securities as part of its expansion plan in South East Asia.
Via its Aspen Digital token it provides investors exposure to the St. Regis Aspen Resort as a tokenised real estate offering. Located in Colorado, with views of the Rocky Mountains, it claims to be the first-of-its-kind to tokenise a real estate asset. News of this was first reported on in August. At the time, it was noted that Indiegogo, a global platform for entrepreneurs, was expanding into tokenised securities. By doing so, it was offering its users the chance to own a tokenised share of common stock in the St. Regis Aspen Resort.
Purchased by Elevated Returns in 2010, the resort was conducting a single-asset real estate investment trust (REIT) offering. It was reported that it would be dividing up a minimum of $12 million for investment in security tokens.
Now, less than two months later Elevated Returns has closed the offering for the Aspen Digital token. The offering was made through Templum Markets LLC, a FINRA and SEC-registered operator, for the initial offering. The secondary trading of digital assets as securities went through its Alternative Trading System (ATS).
“The Aspen Digital closing not only represents a new coin on the market that is asset-backed, it also establishes a blueprint for future real estate tokenisation,” said Jason Kirschenbaum, director at Elevated Returns. “The future of real estate investing is one that provides global exposure, transparency, public access and liquidity, all of which are elements that can be delivered through blockchain technology.”
Compared to a utility token, a security token represents value of an outside source. It typically represents an ownership stake in traditional assets such as real estate, equity, bonds, and VC funds.
Founded in 1974, Seamico Securities provides securities brokerage, securities and derivatives trading, investment advisory service, securities underwriting, online securities trading, and securities borrowing and lending. By branching into Asia, Elevated Returns can offer the region’s institutional money access to digital asset exposure through Seamico’s subsidiary, Innotech Asset Management.
Of the expansion, Stephane De Baets, president of Elevated Returns, said:
“The knowledge that Elevated Returns has acquired through this private placement is invaluable to our firm and its partners, as it gives us a clear vision for what a fully-integrated international platform should look like as we progress forward as pioneers in this space.”