We design the SPV structure, the token's rights and settlement via smart contracts. First we establish whether the token falls under MiCA or is a financial instrument.
In practice
Interfaces and data are illustrative.
Next settlement under the issuance documents
Property types
For each type we prepare a separate legal and financial model.
Models
We match the model to the financing goal, time horizon and investor profile.
The token reflects an economic share in the special purpose vehicle that owns the property.
The token grants a right to a defined portion of rental income – without transferring ownership.
The token represents economic rights from a receivable or a debt tranche.
Token classification
A MiCA white paper is not always enough. The rights the token gives decide the path.
Notification of a white paper is not its approval by the supervisory authority. The scope of requirements depends on the token classification.
A revenue token is usually a financial instrument.
On the first call we establish which path applies to your asset.
Information only, not legal advice. As of 7 November 2026.
Process
We verify the property, its legal status, rent roll and financial plan. We recommend a model.
Outcome:report and model recommendation
Special purpose vehicle, jurisdiction, tokenization agreements, terms of issuance, AML policy.
Outcome:legal structure
Token issuance, rental settlements under the documents, whitelist and KYC.
Outcome:issued tokens
Offering page, investor dashboard and onboarding with KYC/AML. On path B an investment firm or an authorised crowdfunding platform acts as intermediary.
Outcome:onboarding ready
Settlements and reports for holders, post-issuance obligations.
Outcome:ongoing servicing
Qualifier
Three questions about the asset, scale and timing. At the end we show the recommended model and arrange a call with a strategist.
Step 1 of 3
Pick the closest category – we will refine it on the call.
Knowledge base
Knowledge baseIn Polish
Tokenizacja nieruchomości nie polega na wrzuceniu mieszkania na blockchain, tylko na zaprojektowaniu spójnej struktury: nieruchomość – spółka celowa – token – inwestor. Ten artykuł pokazuje krok po kroku, jak ją zaprojektować i co sprawdzić od strony prawnej, technologicznej i biznesowej.
Read the article: Tokenizacja nieruchomości przez spółkę celową jak zaprojektować strukturę projektuKnowledge baseIn Polish
Tokenizacja inwestycji deweloperskiej przed budową opiera się na SPV oraz tokenach dłużnych lub akcyjnych, które odwzorowują klasyczne instrumenty finansowe, a nie bezpośrednią własność mieszkania. Kluczem jest zgodna z prawem struktura, właściwe umiejscowienie tokenów w stosie kapitałowym i czytelna oferta dla inwes
Read the article: Tokenizacja projektu deweloperskiego przed rozpoczęciem budowy. Jak przygotować się mądrzeKnowledge baseIn Polish
Poznaj pełny proces tokenizacji gruntów inwestycyjnych: od wyboru działki i struktury SPV, przez tokenomię, po finansowanie i komunikację z inwestorami. Sprawdź, kiedy tokenizacja ma sens.
Read the article: Tokenizacja gruntów inwestycyjnych od zakupu działki do emisji tokenówAbout the service
About the service
Real estate tokenization lets you record a project's economic rights in tokens, without a conventional sale of the property. Whether and how they can be offered to investors depends on the token's classification and the offering threshold.
At Tokenuj we design real estate tokenization from the business, legal and technological side. We do not sell “crypto solutions”; we deliver well-structured investment models. We match the token's classification and documents to the rights it is meant to give.
It is a solution for companies and founders who think about real estate on an international scale and over a long horizon.
Imagine that instead of a single property sale transaction, you could issue tokens linked to a project. The token then gives rights described in the documents, and who can be offered it depends on the regulatory path.
Today, real estate tokenization is another way of recording rights, not a way around SPV structures, bonds or crowdfunding: the rules on offerings and financial instruments may still apply.
Real estate tokenization is the process of digitally representing the economic rights attached to a property or a real estate project in the form of tokens recorded on a blockchain.
The token is not the property itself. It represents clearly defined rights, for example:
Thanks to real estate tokenization:
We tokenize different types of real estate, from office buildings and apartments to portfolios, funds and mortgage-secured debt. They differ in what drives value (rent under a long lease, operator performance, portfolio NAV, loan repayments) and in the right the token carries: a share in an SPV, a right to part of the revenue, a receivable or a fund unit. Pre-construction projects are handled under a separate service, tokenization of development projects, and where the token is a security, we prepare the issuance as an STO.
Here value comes from the leases and the quality of the tenants, so the token is usually linked to the SPV that owns the property or to its cash flow.
The value of an office building comes from the rent roll: lease terms, break options, indexation and incentives, not from floor area alone. The token represents an instrument against the SPV that owns the building or a defined economic right to its NOI; it confers no right to office space. We control the reconciliation of the rent roll with leases and accounts, tenant concentration, WAULT, the CAPEX and fit-out plan and the bank covenants the waterfall must respect; lender consent is checked before issuance.
In a retail park what matters is tenant mix, the share of anchor tenants, footfall and tenant sales, not the sum of rents. The token is linked to the SPV and the property waterfall; service charge is accounted for separately as cost recovery, and turnover rent is shown separately from base rent and only where it has actually been charged. The model must include an anchor-loss scenario: re-letting, incentives, a rent-free period and adaptation CAPEX.
We distinguish BTS, single-tenant and multi-tenant parks, because access, technical standard, re-letting potential and revenue concentration on one tenant or sector all matter. The token is linked to the SPV or to the property financing instrument. We control the rent roll, the cost of re-adaptation, covenants and the refinancing plan, since new debt changes the waterfall and requires a consent procedure.
The token represents a share in the SPV, debt or rental income of a specific plant. The sources of truth are the land and mortgage register, environmental permits, the lease, technical condition and tenant payments; rent flows into the SPV, and distribution is preceded by debt service, CAPEX reserves and environmental obligations. Technical and environmental due diligence is part of the model: a reserve for dismantling and modernization, tenant covenants and a vacancy and alternative-use scenario.
The token represents a share in the financing of a data center, its SPV or its revenue contracts, with no access to customer data. Value rests on contracted power, colocation agreements, SLAs, PUE and uptime; revenue, once reconciled with the contracts, covers OPEX, energy, debt and technical reserves for equipment, cooling and grid connection. Critical infrastructure requires limited disclosure; customer data cannot serve as proof of revenue.
The token represents a share in the revenue, debt or SPV of a specific car park, based on verified sessions and tariffs. The sources of truth are the title or concession, the parking system, entry logs and payment operator settlements; what is distributed are fees for actually completed sessions after maintenance costs. The durability of the concession, land rights, fiscal reporting and license-plate data require separate analysis.
Here performance depends on the operator and seasonality, so the token reflects the result after costs, not the advertised rent or the room rate.
Income from an apartment is not the advertised rent: the result is reduced by vacancies, repairs, arrears and taxes. The units remain owned by a designated entity, and the token represents a right against the SPV or to a defined cash flow from the portfolio; co-ownership of an apartment requires a separate legal structure. We control title to each unit, rental and vacancy history, repair reserves, separation of deposits from revenue and transactions with the property manager and related parties.
An investment apartment may be a unit held outright, a share in an SPV or a right to the operator's revenue; we describe these three layers separately. Short-term rental performance depends on seasonality, occupancy, ADR and booking-channel commissions, and owner stays must be quantifiable in the rental pool rules. We control the legal status and permitted use of the units, the operator agreement and its termination rights, and the FF&E reserve for refurbishment. The offering requires separate consumer, tax and regulatory assessment.
A variant for an owner who wants to finance against future cash flow without changing ownership. The token represents a contractual right against the issuer to a defined part of the receipts from a closed list of leases, not a share in the land register; the basis is rent received and reconciled with the rent roll, not rent accrued. We control the priority of the bank, taxes and maintenance costs, the vacancy reserve and the termination of the right on sale of the property. A right to future receipts may be a receivable or a financing instrument; we examine the assignment and bank security.
A hotel is an operating asset, so the building valuation alone does not describe the risk. The model is based on PMS data (occupancy, ADR, RevPAR, operating costs) and on a management or franchise agreement with transparent fees and the ability to replace the operator. The token may be an instrument against the owning company, the operator or a defined cash flow; we first establish whether the investor finances the property, the operator's business or both. The waterfall separates debt service, CAPEX and the FF&E reserve, and distribution may be based on cumulative cash flow because of seasonality.
An aparthotel has many unit owners and one operator, so rights and costs are settled at unit level. The system separates title to the unit from participation in the rental pool, in which revenue, commissions, costs and owner stays are allocated under a transparent algorithm. We control the legal status of each unit, the operator's agreements with owners, common-area and FF&E costs and the operator replacement procedure. A public offering must distinguish the purchase of a unit from an investment instrument and a right to revenue.
Facilities with a regulated operator require the property to be separated from the service: the token concerns the asset or the rent, never data or services provided to students, residents or patients.
The token represents an economic interest in the SPV, debt or revenue of a specific facility, not a digital fragment of a room. The sources of truth are the land register, financing agreements, leases, occupancy confirmed by the PMS and operator accounts; rents flow to the operator, are reconciled with occupancy and costs, and distribution follows the SPV waterfall or the debt instrument. Seasonality is built into the model: a reserve for holiday periods and refurbishment, control of agreements with universities and an operator replacement scenario.
The token represents a share in the financing of the property or in the operator's revenue, with the asset separated from care services. Residence revenue is reported by the operator, reduced by care costs and reserves, and investment obligations are settled by a separate structure. We control the operator's license, occupancy and quality and the procedure for replacing the operator without interrupting care. The project combines real estate, care-service and financial-instrument regulation; residents' data does not enter a public register.
The token represents a share in the property SPV, secured debt or rent from a medical facility, with no right to patient data or services. The cash flow source is a lease with a medical operator: the tenant pays rent to the SPV, which covers costs, debt and a CAPEX reserve for specialist infrastructure. We monitor the lease and the operator's license and maintain a procedure for loss of the tenant. The operator is subject to separate healthcare regulation.
In this group the token concerns not a single building but a structure: a pool of assets, a fund unit, a mortgage receivable or a plot of land at the preparation stage.
The token is linked to an aggregating entity or a portfolio instrument, and the system consolidates NOI, valuations, debt and CAPEX with drill-down to each property, so that the portfolio does not mask weak assets or cross-collateralization. We control independent valuation and NAV methodology, debt at SPV level, concentration limits and the procedure for adding and selling assets after issuance. A pool managed under a common policy may come close to a fund and requires qualification under collective investment rules.
The token represents a fund unit or a share in a portfolio structure, not a fraction of each property. The register of participants and the fund's books remain authoritative: subscriptions and redemptions are priced at the approved NAV, and receipts from the properties pass through the fund's accounting and distribution policy. The token does not replace the licensed manager, the depositary or the transfer agent; we control NAV, unit classes, redemption limits and transfer approvals. Units are subject to fund, distribution and AML/KYC regulation.
The token represents an economic right under a specific secured receivable or a designated debt tranche. The sources of truth are the financing agreement, the servicer balance, the land and mortgage register, mortgage documents and the collateral valuation; repayments are allocated to principal, interest and costs, and on default collateral proceeds go through formal enforcement before distribution. We control the servicer balance, LTV against a current valuation and enforcement costs. The effectiveness of the mortgage, assignment and enforcement follows from documents and registers, not from the smart contract; the debt may be a financial instrument, crowdfunding or securitization.
The token represents a share in the SPV or debt linked to a specific plot and its stage of preparation, not a promise of future land value. The sources of truth are the land register, the cadastre, the local zoning plan or planning decision, permits, environmental studies and the valuation; capital is released in stages after planning milestones, and the proceeds of sale or refinancing are settled through the waterfall. We control encumbrances, road access and the scenario in which the zoning change is not obtained. The token changes neither title nor the planning process.
In practice, real estate tokenization usually concerns a project rather than a single unit. It may cover:
At Tokenuj we focus primarily on:
In these models the token is usually a financial instrument, so we match the documents and the intermediary to that path.
We check what can actually be tokenized and which model makes sense from a business and regulatory perspective.
We define:
We establish which rules cover the token and its offering:
We combine this stage with our legal and regulatory compliance service.
We build smart contracts, issuance infrastructure and investor dashboards – much like in ICO and IDO projects, but tailored to the real estate market.
The issuer publishes communications in its own name. We support issuance communication, PR and community through our token marketing service, for a fixed fee.
Compared with classic investment models, real estate tokenization:
Real estate tokenization is not free of risks. The most common are:
That is why tokenization should be run as an investment and legal project, not merely a technology project.
FAQ
Didn't find your answer? Ask during a free consultation.
Ask a questionYes. The token can represent a share in a special purpose vehicle, a right to part of the rental income or a receivable secured on the property – without transferring ownership.
Information only, not legal advice. As of 7 November 2026.
Ask during a consultationFree consultation
Tell us about your project. Within 24 hours we will come back with a time for a call where we assess the tokenization potential, the issuance model and the next steps.
