Mantra will tokenize $500 million worth of real estate assets for UAE builder MAG Group

2024-07-03 15:31:22

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ChainCatcher news, according to CoinDesk, Mantra Chain will tokenize $500 million worth of assets from Dubai real estate developer MAG Group.

Mantra focuses on the Middle Eastern market and will tokenize the assets in multiple batches. The first batch of tokens will include a residential project, Keturah Reserve, which is being built by MAG in Meydan, Dubai. This batch of tokens will also package a $75 million luxury mansion from the "Dubai Creekside Ritz-Carlton Residences" development project. Investors will earn returns through stablecoins and Mantra's OM token. They are expected to receive an 8% return from the stablecoins, along with additional OM tokens.

The two companies stated, "MAG and Mantra are discussing the specifics of the yield, such as which stablecoin will be used and the allocation of OM tokens." They added that final discussions will begin in the coming weeks.

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