United Arab Emirates, Dubai, July 3rd, 2024,
Chainwire
In a significant move in the global tokenized real world asset
sector, MANTRA, the
Institutional-grade Layer 1 blockchain for tokenized RWAs, and
MAG, a leading real estate developer in the UAE,
announced a major partnership today which will see the
tokenization of half a billion US dollars’ worth
of MAG’s real estate portfolio.
With MAG’s total real estate portfolio
valued at over US$5bn, the collaboration with MANTRA aims to
revolutionize real estate investment through the application of
blockchain technology. Starting with Keturah Reserve, a luxury residential development in
Meydan, Dubai which offers transformational living through the
design of space, the partnership will introduce a real estate
financing vault on MANTRA’s purpose-built compliance-ready Layer 1
blockchain. This initial vault product provides investors with an
attractive yield derived from an alternate asset class and is
backed by the security of blockchain technology.
Structured in multiple tranches, the
aggregate transaction value of projects to be tokenized will be
US$500 million, firmly positioning MANTRA and MAG
as industry leaders in the tokenized real estate market in the
Middle East.
Investors in the vault will earn yield
in stablecoins and $OM tokens, drawing an approximate expected
return of 8% APY from stablecoins, a yield that will be further
augmented with $OM tokens.
The initial vault will also be
over-collateralized by a US$75 million mega mansion at ‘The
Ritz-Carlton Residences, Dubai, Creekside’ development which is
part of the Keturah Resort, and will be backstopped by MAG’s
corporate credit, ensuring robust investor protection while
pioneering innovation in real estate investment through
tokenization.
John Patrick Mullin, CEO and
Founder of MANTRA, stated, "Partnering with MAG represents
a major milestone in our mission to bridge blockchain with tangible
assets, with a special focus on the Middle East. This venture will
set new standards in real estate tokenization, offering global
investors access to premium real estate assets in the UAE."
Talal Moafaq Al Gaddah, CEO of
MAG Lifestyle Development, commented, "Working with MANTRA
allows us to leverage cutting-edge blockchain technology to enhance
the value and accessibility of our real estate offerings. This
strategic collaboration is pivotal and forward-facing as we
continue to innovate and lead in luxury real estate
development."
About MAG Global
MAG is a leading global property developer based in the UAE,
renowned for its innovative and luxury real estate projects. It is
one of the largest names in the region's real estate industry that
focuses on developing and delivering exceptional projects created
with the aim of enhancing lifestyles and providing long-term
benefits to both investors and customers.
For further information on MAG, please contact: Khaled Abu
Hishme - Group Account Director: khaled@cbpr.me
About MANTRA
MANTRA is an Institutional-grade Layer 1 Blockchain for RWAs
bringing World Finance Onchain. As a permissionless chain capable
of adherence and enforcement of real world regulatory requirements,
MANTRA empowers developers and institutions to seamlessly
participate in the evolving RWA tokenization space by offering
advanced tech modules, compliance mechanisms, and cross-chain
interoperability.
MANTRA - From Institutions to Individuals: Bringing Finance
Onchain.
Contact
Marketing
Lead
Christoph
Lidman
press@mantrachain.io