Mantra to Tokenize $500 Million in Real Estate Assets for UAE Builder MAG Group
July 3 (Bloomberg) -- Mantra Chain will tokenize $500 million worth of assets from Dubai-based real estate developer MAG Group, CoinDesk reported.
Mantra, which focuses on the Middle East market, 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. The tokens will also be packaged with a $75 million mega-mansion in the "Ritz-Carlton Residences Dubai Creek" development. Investors will receive revenue from the stablecoin and Mantra's OM tokens. They are expected to earn 8% from the stablecoin and receive additional OM tokens.
The companies said, "MAG and Mantra are discussing the specifics of the yield, such as which stablecoin will be used and the number of OMs to be allocated." And added that they will begin final discussions in the coming weeks.
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