Great Hampton Street Works - Frequently Asked Questions (FAQs)

1. About The Product

What is the BREI Token?

BREI is a Built Real Estate Economic Interest Token issued by Tokinvest FZCO. It is an Asset-Referenced Virtual Asset (ARVA) that gives holders a proportional contractual right to the economic returns of a specific property - namely net rental income while the property is let, and a proportional share of net proceeds if the property is sold. It is designed to give investors fractional exposure to the economics of being a residential landlord without buying or managing a whole property.
​

Does owning a BREI Token mean I own the property?

No. The token does not confer any legal or beneficial ownership, title, equity or control over the property or the property owner. Holders have contractual economic participation rights only. The property remains legally owned by GHSW Holdings Limited throughout the life of the token.
​

Who issues the token, and are they regulated?

The issuer is Tokinvest FZCO, a Dubai-based company licensed by the Virtual Assets Regulatory Authority (VARA) as a Broker-Dealer and Issuer (Licence No. VL/2024/12/004).
​

What rights do I get as a holder?

A proportional share of net rental yield from the property.

A proportional share of net proceeds from any future sale of the property.

The ability to buy and sell tokens on Tokinvest's regulated secondary market, subject to eligibility checks.

You do not receive voting, management or governance rights over the property, the asset owner, or Tokinvest.
​

What blockchain is BREI built on?

BREI is minted, managed and burnt by Tokinvest on the BNB Smart Chain (BSC) using the BEP-20 token standard. Tokens operate on a single chain only; cross-chain transfers are not supported. There is no affiliation between Tokinvest and the BSC protocol or its developers.

2. The Property

Which property does this token reference?

The entirety of the Great Hampton Street Works (the "GHSW" or the "Property"), 80 & 82 Great Hampton Street, Jewellery Quarter, Birmingham B18 6EW - a freehold, residential, multi-tenant heritage conversion. It is recorded under UK Land Registry title number WM656558 and legally owned by GHSW Holdings Limited (Company No. 17001987).
​

What does the property consist of?
​A residential block of 29 apartments (a mix of one- and two-bedroom units across ground to third floors), let on individual tenancy agreements.
​

Who manages the property?

Day-to-day letting and management are carried out by independent, UK-licensed agents - Nurtured Homes West Midlands Limited and M.D.R Properties Limited (trading as Martin & Co). Net rental income is remitted to Tokinvest's designated client-money account within five business days of each month-end. The asset owner benchmarks the property manager annually to test that net yield is being maximised.
​

Can the referenced property be changed?

No. The reference asset for a BREI token is fixed and cannot be changed under any circumstances for the life of the token.
​

Is the property mortgaged?

Once the subscription period has successfully closed, the property will be free of charges, mortgages and other encumbrances. Following the issuance, Tokinvest's interest and 1st ranking charge over the property will be noted on the property title at UK land registry to secure it for the benefit of tokenholders.

3. Property Economics

Is the property insured?

Yes. Buildings and terrorism insurance is maintained for the property as part of its operating costs.

Who pays the running costs of the building?

Routine operating and management costs - communal cleaning, mechanical and engineering servicing, fire and health-and-safety compliance, utilities, insurance, management and letting fees, audit/accountancy - are met from rental income before net income is distributed to holders. In other words, holders receive rent net of these costs.

What happens to my income if a flat is empty or a tenant doesn't pay?

Distributions are based on the net rental income actually received. Periods of vacancy (voids), tenant arrears or default therefore reduce the amount available to distribute for that period. There is no guaranteed minimum income.

Who pays for major or unexpected repairs?

The Property is a newly converted grade II listed heritage building and benefits from building warranties covering structural and major defects during the warranty period, which substantially reduces the likelihood of significant unexpected repair costs in the early years. Routine maintenance is funded from rental income before net income is distributed to holders. Over time, a maintenance reserve is intended to be built up to help meet larger future works as the building matures. Any large or exceptional works that cannot be met from rental income, warranty cover or available reserves could still reduce distributions in the period they arise.
​

4. Returns And Distributions

How do I earn a return?

Two ways: (1) ongoing net rental income while the property is let, and (2) a share of net sale proceeds if and when the property is sold.

How is rental income paid out?

Net rental income (that is, rent after management and maintenance costs) is calculated and distributed monthly, in proportion to your holding. Each monthly distribution is paid to whoever holds the token as at the relevant distribution date. Distributions begin after the first month.

​When each month are distributions paid, and do I need to claim them?

Distributions are paid automatically to the holder of record - you do not need to claim them. The property manager remits net rent to Tokinvest within five business days of month-end, after which Tokinvest processes the distribution to holders.

If I buy or sell during the month, who receives that month's distribution?

The monthly distribution is paid to whoever holds the token at the distribution date. If you sell before that date, the buyer receives it; if you are the holder at that date, you receive the full distribution for the period - regardless of when in the month you bought. This is worth factoring into secondary-market pricing.

Are distributions paid before or after tax?

Distributions are credited to your Tokinvest account; Tokinvest does not deduct personal income tax on your behalf. You are responsible for your own tax position.
​

Is the return guaranteed or fixed?

No. Returns are variable and depend on actual rent collected, occupancy, operating costs and, ultimately, the sale price of the property. There is no fixed coupon, no guaranteed yield, no capital guarantee and no redemption floor.
​

In what currency are distributions made?

Tokens carry a face value of AED 100, and distributions are credited to your Tokinvest account in AED or an approved currency equivalent. The property is valued and sold in GBP, so FX movements between GBP and your distribution currency can increase or reduce the amount you receive. Tokinvest uses Fixer.io reference rates captured at 12:00 GMT.
​

What happens when the property is eventually sold?

On sale, transaction costs and Tokinvest's 5% capital-appreciation fee are deducted, net proceeds are distributed to holders in proportion to their holdings, and all BREI tokens for that property are then redeemed and burnt - ending the product.

5. Fees And Costs

All fees are charged in addition to the token purchase price

The capital-appreciation fee is only ever charged on a completed sale, and only on the realised gain relative to the property's value at issuance.

6. Opening An Account And Onboarding

How do I open an account?

Register on the Tokinvest Investor Platform and complete AML/KYC onboarding. Once you have been reviewed, approved and added to the investor whitelist (together with a verified wallet address) and funded your account, you can subscribe for and trade BREI tokens.

Can I invest through a company, trust or SPV?

Yes. Entities can be onboarded, subject to verification of the entity and its beneficial owners. The same whitelisting and approval requirements apply.

Why do I have to be "whitelisted"?

BREI operates in a permissioned environment: only investors (and wallets) that have passed AML/KYC and been approved can hold or transfer tokens. This keeps the token within a compliant, screened investor base at all times.

7. Funding, Wallets And Withdrawals

How do I fund my investment?

You pre-fund your Tokinvest client-money account with cleared funds before subscribing. When you subscribe, the amount (plus fees) is debited immediately, and subscriptions are binding once made.
​

What currency is my account held in?

The base currency of the issuance is AED; approved currency equivalents are also supported, with the GBP-equivalent token price shown for transparency.

Do I need my own crypto wallet?

No. Tokens are held for you by the platform's default custodian (currently Hex), and there are no additional technical requirements beyond using the Tokinvest Investor Platform. Self-custody is not available at launch. The ability to transfer tokens to a self-custody wallet or another regulated custodian/VASP - in each case only to a verified, whitelisted wallet and with Tokinvest's approval - is expected to be introduced in a later phase.
​

Are there network or "gas" fees when tokens move?

No network or "gas" fees are charged to you. Because tokens are held in custody and self-custody is not available at launch, you do not initiate blockchain transfers yourself - any network costs arising from on-chain movements are handled at the platform/custody level. The only charges that apply to you are Tokinvest's own fees set out in Section 5 (a 0.1% VA transfer fee on transfers and a 0.25% secondary-market fee on each side of a trade).
​

Can I withdraw my cash balance?

Yes. Available cash balances can be withdrawn at any time, subject only to compliance, security or operational checks reasonably required to protect client assets.

8. Investing, Subscription And Eligibility

Who can invest?

The product is aimed at professional/institutional investors, high-net-worth individuals and international investors. Every investor must (1) complete Tokinvest's full AML/KYC onboarding, (2) be reviewed and approved by Tokinvest, and (3) be added to the investor whitelist with a verified wallet address.

Who cannot invest?

The token is not available to residents or citizens of the United States, or to persons located in or associated with sanctioned or FATF high-risk jurisdictions.

What is the minimum investment?

1,000 BREI tokens - equivalent to AED 100,000 (or currency equivalent).

What is the token price?

A fixed face value of AED 100 per token. The GBP-equivalent price is also displayed on the platform using prevailing exchange rates. There are no pre-sales or discounted offers.

How does the subscription process work?

Tokens are offered during a subscription period of up to 90 days. You must pre-fund your client-money account to cover your subscription and fees; subscriptions are binding once made. The issuance works on an all-or-nothing basis: if the minimum aggregate subscription threshold is not met, no Token Generation Event (TGE) occurs and all funds are returned in full without deduction. If the threshold is met, the TGE takes place and tokens are transferred to your wallet within two business days.

Can the offer be oversubscribed?

No. Total supply is capped at the level fixed at the TGE and cannot be increased.

9. Liquidity, Secondary Market And Exit

Can I sell my tokens?

Yes - via Tokinvest's regulated secondary marketplace, expected to be available approximately two months after the TGE. Trades are restricted to whitelisted investors who have passed AML/KYC, and settle on a delivery-versus-payment basis, typically within two business days.

How is the trading price set?

The platform operates an order book: investors place buy and sell orders, and price is determined by supply and demand. The price is not fixed to the property's value and may trade at a premium or discount to indicative NAV.

Can I choose my own selling price?

Yes, within the platform's pricing controls. Those controls currently cap listings at a maximum discount of 10% below the most recently published indicative NAV.
​

What is "indicative NAV"?
​An estimate of the net asset value attributable to the tokens, derived from market data and analytical tools and published periodically (typically quarterly) in both GBP and AED. It is provided for information only and does not represent a price at which you can necessarily buy or sell.

Is liquidity guaranteed?

No. Real estate is a semi-liquid asset class and resale depends on market supply and demand. You may need to offer your tokens at a discount, may only be able to sell below the issue price, or may be unable to sell at all. Tokinvest does not guarantee liquidity, resale price or exit timing.

Does Tokinvest buy tokens back?

Only in rare and exceptional circumstances, at its sole discretion, and purely to support orderly market functioning - for example where tokens have been listed at the maximum permitted discount (currently 10% below indicative NAV) for a sustained period (currently eight weeks) without selling. Any such buy-back may be at up to 15% below the most recent indicative NAV. Tokinvest is under no obligation to buy back, does not act as a market-maker, and a buy-back should never be relied on as an exit route or a price floor.

When does the product end?

On a sale of the property. While the intention is for BREI to be a long-term holding, Tokinvest may, at its discretion, initiate a sale where circumstances justify it. At least three independent licensed valuations are obtained, the property is marketed at the median valuation, and the process repeats (with fresh valuations every six months) until it sells. After distribution of net proceeds, all tokens are burnt.

10. Custody, Security And Technology

Where are my tokens held?

Tokens are held for you through the platform's default custodian (currently Hex). Self-custody is not available at launch; the option to transfer tokens to a self-custody wallet or another regulated custodian/VASP - with Tokinvest's approval and only to verified, whitelisted venues - is expected to be introduced in a later phase.
​

How are my assets protected?

Tokens held on the platform are protected by institutional-grade systems including multi-factor authentication and encryption. Client assets are fully segregated from company assets and ring-fenced in the event of Tokinvest insolvency.
​

What happens if Tokinvest becomes insolvent?

Holders retain third-party contractual rights under the agreement between Tokinvest and the asset owner, creating a route to recover economic rights (rental income and sale-proceeds entitlement) directly from the asset owner. A VARA-approved Wind-Down Plan governs the secure transfer or recovery of investor assets.

11. Investor Protections

Is my money protected by a compensation scheme?

No. There is no UK Financial Services Compensation Scheme (FSCS) cover or equivalent investor-compensation scheme for this product. Protection comes instead from a combination of: segregation of client assets (ring-fenced from Tokinvest's own funds); client money held with Zand Bank, a CBUAE-licensed institution; a VARA-approved Wind-Down Plan; and a direct contractual claim against the asset owner if Tokinvest becomes insolvent. None of these mechanisms guarantees the return of your capital.

How is my personal data handled?

Personal data collected during onboarding and use of the platform is processed in accordance with Tokinvest's privacy policy and applicable data-protection law. The policy can be found here.

How do I make a complaint?

Complaints are handled through Tokinvest's published Complaints Handling and Resolution Procedure which can be found here.

12. Reporting And Governance

What reporting will I receive?
​Tokinvest provides periodic reporting through the Investor Platform, typically quarterly, covering property performance, occupancy, operating costs, indicative net asset values (NAVs in both GBP and AED) and material developments. You also have continuous access to your holdings, transaction history and cash balances via your dashboard.

Will the token price track the property value?

Not necessarily. Secondary-market prices are set by supply and demand and can trade at a premium or discount to NAV. Liquidity, discounting, FX, regulatory developments and sentiment can all cause divergence. No assurance is given that the token trades in line with the underlying property value.

Do I get a say in how the property is run or sold?

No. Holders have no governance or voting rights. Management and sale decisions sit with Tokinvest and the asset owner under the framework set out in the whitepaper.

13. Risks

What are the main risks I should understand?

A full Risk and Disclosure Statement accompanies the whitepaper and should be read in full before investing.

Can I lose more than I invest?

No. Your maximum loss is the amount you invested (including fees paid). There is no further liability or "margin call".

14. Why Tokenised Property Rather Than The Traditional Route?

General information to help you weigh the options - not a personal recommendation. BREI has its own costs and risks (Sections 5, 9 and 13), and the figures below are illustrative examples, not a quote or a forecast. Read this section alongside those.

What's the case for tokenised property over buying a rental flat directly?

It comes down to three things: cost, effort and access.

The trade-offs are real and set out elsewhere in this FAQ: you don't own the bricks and mortar, you have no control over the property, the token carries its own (smaller) fee stack, distributions and resale value can move with FX, and the token is semi-liquid rather than something you can sell on demand.

How much do I save on the costs of buying and selling? (worked example)

The biggest savings are the one-off transaction costs a direct landlord pays on the way in and out. The table below compares a single £290,000 Birmingham buy-to-let flat, bought for cash, with taking equivalent exposure through BREI, using current 2026 figures. It assumes the buyer is a non-UK resident acquiring an additional dwelling (the investor this product is built for) so both the 5% additional-dwelling and 2% non-resident SDLT surcharges apply to the direct purchase.
​

On these figures, the round-trip transaction friction is roughly £26,000 lower through BREI on a £290,000-equivalent position - about 10.9% of value buying directly, against roughly 2.3% through BREI. The single largest driver is Stamp Duty, which an additional-property buyer pays in full and a token holder does not pay at all.
​

Important context so the comparison is fair:

Figures are illustrative and based on current 2026 England rates. The Stamp Duty figure reflects a non-resident buyer of an additional dwelling, to whom both the 5% additional-dwelling and 2% non-resident surcharges apply. For comparison, a UK resident buying an additional property would pay around £19,000, and a UK resident buying their only home around £4,500. The figures exclude any mortgage or financing costs, which would increase the direct-purchase total.
Property management and maintenance costs still exist - they are deducted from rent before your distribution, so you bear them indirectly through "net" income. The saving shown is on transaction friction and your own time, not on the underlying cost of running the building.

On a gain, a direct landlord pays Capital Gains Tax (18%/24% in 2026/27) and BREI applies a 5% capital-appreciation fee on a property sale; both routes have their own cost on gains and their own personal tax position (Section 15).

What about the time and hassle of being a landlord?

This is where tokenised exposure differs most starkly. A direct landlord is personally responsible for a long, recurring list of work and compliance, including:

· finding and referencing tenants, drawing up tenancy agreements, and protecting deposits in an approved scheme;

· Right to Rent immigration checks;

· annual gas safety certificates, five-yearly electrical (EICR) inspections, EPCs, and smoke/carbon-monoxide alarm rules;

· repairs, maintenance and out-of-hours emergencies (the proverbial midnight call about a broken boiler);

· chasing rent arrears, managing void periods, and periodic inspections;

· buildings insurance, any selective/HMO licensing and, at worst, the cost and stress of an eviction;

· and the annual paperwork: self-assessment, record-keeping and accounting for the rental business.

With BREI, a professional UK property manager handles all of this on the asset, and you receive net rental income without the administration, the compliance burden or the time commitment. You are trading hands-on control for a hands-off position.

How is BREI different from a REIT, or from property crowdfunding?
A REIT or listed property fund is a regulated security, usually traded on a public stock exchange and typically holding a diversified portfolio. BREI is a VARA-regulated virtual asset - not a listed security - that trades on Tokinvest's own permissioned marketplace and references a single property. Property crowdfunding usually gives you shares in a property-owning company or a loan to it; BREI instead gives a tokenised contractual right to the property's economic returns, with no equity, no loan and no ownership of the underlying company.

Will there be other BREI tokens?

Possibly. Tokinvest may issue further BREI tokens referencing other properties in the ordinary course of its regulated activities. Each issuance is separate and references its own property; tokens linked to different properties are not interchangeable. This may, over time, let investors build exposure across more than one property.

15. Legal And Tax

What law governs the token?

The substantive law of the contract is the law of England & Wales; disputes are referred to the Courts of the DIFC.

Will I have to pay tax on my returns?

Tax treatment depends on your personal circumstances and country of residence and can change over time. Tokinvest does not provide tax advice. You should take independent professional tax advice before investing.

Is this financial or investment advice?

No. Nothing on the platform or in this FAQ is financial, investment, legal or tax advice or a personal recommendation. You are responsible for ensuring the product is appropriate for you and for complying with the laws of your own jurisdiction.

16. Glossary

This FAQ is a summary and is qualified in its entirety by the BREI Whitepaper, the Tokinvest Brokerage Terms and Conditions, and the associated Risk and Disclosure Statement. In case of any conflict, those documents prevail.