The Island of Tessera, once a military garrison of the Republic of Venice, located in front of the island of Murano and with a splendid view of the Campanile and the Basilica of Piazza San Marco in Venice, will be tokenized on Elviria, the alternative investment platform of Ephelia Capital, a Swiss-registered investment bank, part of the British group Ephelia Global Services Ltd, founded by the fintech entrepreneur Franco Mignemi and active in asset management and protection services, with offices in five jurisdictions.
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The bidding on Elviria will start this week
Elviria has in fact structured a UK-registered SPV, which aims to raise among investors $14.5 million, needed to purchase the island and develop the project to recover and relaunch the real estate assets, with investors able to purchase either shares in the SPV or tokens (tokens) representing those shares.
The tokens, which in turn can be purchased in currency or cryptocurrency, can be issued as FT (Fungible Token, and therefore divisible) or as individual NFT (Non Fungible Token, i.e. real individual assets, unique in their kind, just like works of art, and therefore not replicable). The tokens can be created on a blockchain of your choice between Ethereum, Binance, Polygon, or Avalanche. Finally, the tokenization process proposed by Elviria, allows tokens to be listed also on secondary markets that have partnered with Elviria, among which we find Archax, the first UK secondary market for Security Token authorized but that, as anticipated to BeBeez by Franco Mignemi, will increase in the coming weeks with new partnerships on the US and Asian markets.
The green light for the recovery plan of the Island of Tessera, which boasts a total area of about 8000 square meters, had been deliberated in 2012 by the City of Venice at the request of Tessaglia srl, a company owned by Lorenzo Marinese, then declared bankrupt by the Court of Venice in May 2018.
Marinese, with a project of the architect Marino Folin, former rector of the University Iuav of Venice, had planned to transform the island into a new luxury resort with the recovery of the structure of the ancient military battery, first Venetian and then Austrian. Following the declaration of bankruptcy of the company, in July 2019 a first auction had been called by the Court, which started from a base valuation of $3.7 million (€3.24 million). The auction, however, was deserted and a second one was called in March 2020 with an auction base of $2.5 million (€2.2 million). The bidding on Elviria will start this week.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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