Fidelity National Title has formed a strategic alliance with the first real estate investment trust (REIT) in the U.S. to combine the tax advantages of investing in a REIT with Blockchain technology, the companies announced.
Fidelity said the first phase of its alliance with Building Block REIT will involve synergizing both companies’ marketing and sales efforts in the Chicago market to jointly pursue client opportunities. These efforts will focus on the purchase and sale of multi-family, office space and mixed-use commercial real estate.
“As a leading provider in the title industry, Fidelity National Title is excited to be partnering with Building Block REIT and integrate our expertise along with our products and services into their platform,” Fidelity Vice President Operations Kim Long said in a release.
“The technology Building Block REIT is bringing to the commercial investment space is unique and this is an opportunity for Fidelity to provide innovative products specific to our partnership that will provide a high level of service to all the parties in the transaction,” Long added.
Formed in 2018 by a group of real estate and Blockchain technology professionals, Building Block seeks to open REIT investing to everyday investors.
“Blockchain builds on trust, but the general public still want a trusted name verifying the previous deeds from the past 100 years and the starting point of Blockchains when it comes to property titles,” Building Block founder and CEO Simon Enwia said. “The combination of Fidelity and Building Block REIT gives buyers the reassurance that the title to their property is clear of encumbrances from the distant past and in real time. Building Block REIT and Fidelity are ushering in a new age in title insurance.
“We are just scratching the surface on the innovation that Blockchain technology brings to the REIT market and will continue to innovate with Blockchain across the spectrum of transactions involved in acquiring and managing real estate,” he added.