13.1 Sample Scenario: €20 Million Building
Objective: issue 20,000 tokens with a nominal value of €1,000 each. Tokens carry a defined economic right relative to SPV income and/or net asset value (not necessarily direct title ownership).
| Layer | Recommended choice |
|---|---|
| Asset | Commercial building with stable leases |
| Legal wrapper | SPV (legal owner of title) |
| Custody | Regulated custodian / bank where required |
| Token | Permissioned fungible (ERC-3643 style) |
| Identity | Verified investor identity |
| Compliance | Jurisdiction + investor class + holding limits |
| Oracle | Rent, NAV, corporate actions |
| Redemption | Sale event or scheduled mechanism |
If annual net income is €1.2 million, nominal income per token before other costs is €60. This is not the final investor return unless purchase price, fees, tax and the legal waterfall are precisely defined.
Key takeaway: Success of this scenario depends on the quality of the legal link between token and SPV, transparency of the waterfall, oracle reliability and eligibility controls — not merely on the choice of blockchain.
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