Crypto Valley, Switzerland. BLOCKCHAIN PROPULSION is delighted to share the official launch of the equity tokenization for one of its largest real estate infrastructure projects through its global accelerator program, namely Polo Multimodal Pecém – The Smart Chain City, which included the successful transfer of asset ownership (20 million m2 of land) from the Brazilian to the Swiss holding entity domiciled in Canton Zug (Polo Swiss Development AG). POLO MULTIMODAL was initially conceived in 2009 through the purchase of the best areas of land in the region located in the strategic port areas of Port of Pecém – a region in strong economic development in Brazil. Over the years, these agricultural areas have conducted urban planning, land regularization, market and financial feasibility studies, and architectural projects with permits obtained to develop the land. The valuation of the lands were carried out by a local certified company in Fortaleza (RE/MAX) and valuated at USD 153m based on comparative market analysis with similar lands sold in 2019 in the nearby areas of the POLO MULTIMODAL.
In order to implement the Smart Chain City, the holding company (“Polo Swiss Development AG”) was established in June 2019 in Zug, which incorporated 99.7% of the shares of the Brazilian entity that own the POLO MULTIMODAL lands where the project is being developed. The 10 million ordinary shares of Polo Swiss Development AG were tokenized into 10 million tokens (the “Polo Security Tokens”) with equal rights for share/token holders. The Articles of Association of the company were amended accordingly to ensure the fully legal and regulatory compliant tokenization of the shares, in adherence and in accordance to the guidelines of the Swiss Financial Market Supervisory Authority (FINMA).
After over 12-months on this large and complex project, which was initially on-boarded into our program in March 2019, the real work has yet to begin with the development of this 30-year Smart Chain City construction project in Brazil!