[Case study]
Vale Street Logistics
Issuance, register & distributions
One let distribution centre in Rotterdam, 862 unit holders, rent paid monthly. Units were locked for 12 months; on day 366 the contract opened transfers by itself.
$86,500,000
Partnership units
ISSUANCE SUMMARY
Amount
$86,500,000
Instrument
Partnership units
Yield
6.10%
Standard
ERC-3643
Holders
862
Days to close
46
Issuer
Vale Street Property
Closing
The challenge
Vale Street Property wanted a wider investor base for Rotterdam DC3, a fully let 48,200 m² distribution centre, without listing it and without becoming its own share registrar.
What we did
A Luxembourg partnership holds the building; its units are issued as ERC-3643 tokens on Base. The offering documents set a 12-month lock-up and a holder cap; both are compliance modules with the same dates and numbers, so the rule in the document and the rule in the contract are the same rule. Rent collected is paid to holders every month.
The result
During the lock-up the contract refused 61 transfer attempts, each recorded as Blocked · rule 3 · lock-up. On 30 June 2026 the date passed and transfers between eligible investors opened in the same block. Holders receive $439,700 in rent each month; 214 secondary trades have settled since, all delivery versus payment.
Timeline
15 May 2025 Term sheet signed.
03 Jun Partnership formed, title to Rotterdam DC3 transferred.
24 Jun Contract deployed: lock-up to 30 Jun 2026, eligible investors in the EU and UK only.
30 Jun First holder. Day 46.
31 Jul First monthly rent distribution: $439,700.
30 Jun 2026 Lock-up ends; transfers open the same block.
We had a clause in the documents and a date in the contract. On the morning the lock-up ended, I checked both. They agreed, which is all I want from either.
Hamish Coulter
Finance Director, Vale Street Property
61
transfers refused during lock-up
$439,700
rent paid every month
214
secondary trades since, all DvP
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