The information beyond this point relates to an early-stage capital raise and is intended solely for individuals personally invited by the founder. It is not addressed to the general public and is not a financial promotion.
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[Brand name pending trademark registration] is an early-stage real-world-asset platform for structured property finance, currently in formation. The first pilot is designed to tokenise three cashflowing Dutch holiday homes through a dedicated Luxembourg securitisation compartment, as the platform’s first asset-backed product.
The platform is at the seed-funding stage. The diagrams, partner names and product structures on this page describe the intended target state. Many components have not yet been built, contracted or licensed. This section is the candid version.
Small and mid-sized property portfolios are often locked into heavy, bank-led capital structures that leave little room for refinancing flexibility or investor participation. Private investors, in turn, struggle to access property-backed opportunities that combine professional governance with clear, evidence-led reporting.
Existing tokenisation narratives tend to over-rotate towards speculation or crypto-led product design. We are building a deliberately conservative alternative: a compliance-first platform, anchored by real, cashflowing assets, structured under recognised European frameworks.
The platform is designed around four discrete layers. Real assets sit at the base; a Luxembourg securitisation vehicle will provide the regulated wrapper, with ring-fenced compartments per product; settlement and compliance will run on an institutional layer-2 blockchain using the ERC-3643 permissioned-token standard; access to compartment-level products will be delivered through a unified investor interface. The diagram below describes the intended target state.
Unlike general-purpose token standards designed for cryptocurrencies, ERC-3643 (the T-REX standard) was designed for securities. It moves eligibility and transfer rules from off-chain agreements into the smart contract itself.
The platform is being designed to integrate with recognised service providers rather than build core regulated functions in-house. Specific commercial agreements are subject to finalisation; the references below describe the intended stack, not contracted relationships.
Luxembourg corporate-services group acting as the platform’s regulated central administrator. Responsible for fund administration, FundNav, KYC and AML, and regulatory reporting.
Creatrust’s asset-light software ecosystem (including FundNav) for product onboarding, investor management and ongoing operations.
Standards-leading securities-token infrastructure. Tokeny supplies the underlying ERC-3643 / T-REX engine that sits behind the Creatrust platform via the Funds365® ecosystem.
An institutional layer-2 blockchain providing low-cost settlement at established custody and reliability standards.
Architecture described on this page is the intended target state. Specific partner agreements, technical integrations, regulatory steps and product structures are subject to commercial, legal and regulatory finalisation. KYC and AML responsibility for any future product investor sits with Creatrust as the regulated administrator.
A common question from institutional and family-office investors is who, exactly, is on the other side of the token. The short answer: the tokens are issued by a separate, purpose-built Luxembourg legal entity. SRET B.V. is the platform manager, not the issuer and not the asset holder. This creates bankruptcy remoteness, sometimes called ring-fencing, between the platform business and the underlying real estate.
The actual issuer of the Income Plus Appreciation Tokens. A dedicated compartment of a Luxembourg multi-compartment securitisation vehicle. Issues debt-style securities directly as on-chain tokens via private placement under Luxembourg securitisation law.
Operates the investor portal, drives marketing, manages the technology stack. Does not issue tokens. Does not hold the real estate on its own balance sheet. Earns origination and management fees routed from the Luxembourg structure.
The legal title to the physical property sits in jurisdictional operating companies: Sirrapa Vastgoed B.V. for the Dutch holiday homes; Sirrapa Property Group Ltd for the UK commercial-to-residential assets that will be added post-pilot.
If SRET B.V. ever fails, the Luxembourg compartment and its underlying property exposure remain legally isolated. Token holders take risk on the performance of the real estate held by the OpCo, and on the compartment’s servicing of its debt securities. They do not take risk on the platform business.
This is the structural reason institutional investors and family offices can engage with the product: their exposure is to the assets, not to the technology company that operates the platform.
The three Dutch holiday homes are the first assets to be tokenised in Compartment 1. As the post-pilot UK assets are added to the same compartment, the compartment’s underlying asset pool grows, which is intended to support net asset value (NAV) growth for early token holders. All such additions will follow the compartment’s own rules, prospectus and any independent valuation requirements, and are subject to the conditions and approvals set out at compartment level.
The first anchor assets are three holiday homes owned by Sirrapa Vastgoed B.V. (SVG). After platform launch, the existing SVG debt is intended to be refinanced by a dedicated compartment of a Luxembourg securitisation vehicle, which in turn issues Income Plus Appreciation Tokens to product-level investors. This is the platform’s first tokenised product.
The figures below describe the underlying assets only. They are not a description of the security, terms or return profile of the platform investment (see the next section) and they are not an offer of the tokenised product, which has not yet been issued.
| Metric | Figure | Source / basis |
|---|---|---|
| Market value | EUR 770,000 | WOZ 2024 |
| Current debt | EUR 705,000 | Approximately EUR 235,000 per object |
| Current LTV | ~91.6% | Calculated |
| Current equity | ~EUR 65,000 | Calculated |
| 2025 gross revenue (budgeted) | EUR 91,128 | SVG budget |
| 2026 gross revenue (expected) | EUR 98,800 | SVG forecast |
| 2025 operating costs | EUR 22,584 | Park charges, commissions, maintenance |
| 2025 NOI before interest | EUR 68,544 | Calculated |
| 2024 occupancy | 83% | Operator data |
Platform investors fund the company that will operate the platform. They do not, by virtue of that investment alone, hold direct security over the holiday homes, and they do not receive Income Plus Appreciation Tokens. The two are deliberately kept distinct.
Investors put capital into SRET B.V., either as direct equity or through an ASA / SAFE-style instrument. The purpose is to launch the technology, legal and compliance platform.
The three Dutch holiday homes remain owned by Sirrapa Vastgoed B.V. After launch, a dedicated compartment of a Luxembourg securitisation vehicle will refinance the SVG debt and issue Income Plus Appreciation Tokens to product-level investors. The compartment, not SRET B.V., is the issuer.
The platform raise is a separate decision from any future participation in the tokenised compartment or any subsequent compartment-level product issued through the Luxembourg securitisation vehicle. Each product layer is issued by its own compartment, with its own ring-fenced assets, terms and risk disclosures.
The Advance Subscription Agreement (ASA) is the route we currently believe is most appropriate for this stage. It gives the company immediate working capital without debt or interest, and defers the valuation discussion until the platform has measurable traction. The instrument will be adapted to Dutch law because SRET B.V. is a Dutch B.V.
An ASA is an equity-style instrument. It converts into shares at the next qualifying round or on the longstop date. There is no interest accrual and no cash repayment obligation, so it does not create the cashflow pressure a convertible loan can.
A convertible loan, by contrast, is debt. It typically accrues interest and may be repayable if a qualifying round does not occur.
Investors who prefer a fixed cap-table position can take direct equity in SRET B.V.: a 10% stake for EUR 225,000, implying a EUR 2.25m post-money and EUR 2.025m pre-money valuation. Same underlying business, different instrument and conversion mechanics.
UK ASAs are sometimes structured to connect with SEIS / EIS relief. The platform likely does not qualify because it is a financial and property platform. The ASA structure remains useful as a recognised angel instrument, independently of any SEIS / EIS treatment.
Use of funds is allocated across the three workstreams required to launch the platform and convert the existing anchor pipeline. Detailed line items are available in the full investor memorandum on request.
SRET B.V. does not hold the property and does not issue the tokens. Its revenue comes from platform-service fees that route from the Luxembourg structure to the operating company.
Charged on the principal amount of tokens issued via each compartment. Indicative range 1 to 2 percent of the issuance amount, set per compartment and disclosed in the compartment’s prospectus.
Charged on assets under management (AUM) at the compartment level. Indicative rate 0.5 percent per annum on AUM, set per compartment.
Fee levels above are working indications. Final terms will be set per compartment and disclosed in the relevant prospectus. Detailed fee modelling and break-even analysis are available in the investor memorandum on request.
The upside for ASA or equity investors comes from growth in the value of SRET B.V., a potential future dividend once the platform is profitable, and a possible M&A or exit scenario. SRET B.V.’s revenue derives from origination and management fees routed from each Luxembourg compartment.
Specific forward-looking AUM, profit and exit-valuation figures are set out in the investor memorandum, with their assumptions, rather than on this page.
The pilot compartment that will tokenise the three holiday homes is a separate product. Token holders will hold a debt-style claim against the Luxembourg SV compartment under its own prospectus and terms, with economics derived from net property cashflow.
Indicative yield ranges and NAV-growth pathways are working assumptions only. They are not guaranteed. They apply to a product that has not yet been issued, and platform investors do not receive any token, yield or allocation by virtue of the platform raise.
The platform is being developed by the founder, with specialist providers engaged for regulated, technical and operational functions. A full team build-out is part of the use-of-funds plan once the platform raise closes.
Armand Parris is the founder of Sirrapa IT and the wider Sirrapa group of ventures, with more than two decades of experience building and securing digital infrastructure for major European organisations including Ahold Delhaize, ING, KLM, NS and CJIB.
Alongside his technology career, he has built hands-on experience in property development, financing, letting and exits through Sirrapa Vastgoed and Sirrapa Property Group, including Dutch holiday-let developments and UK commercial-to-residential conversion projects.
His work combines technology, systems thinking, asset development and deal structuring to turn complex opportunities into practical, value-building ventures.
armand.parris@sirrapagroup.com
Specialist providers for fund administration, platform software, tokenisation and settlement are referenced in the Architecture section as the intended infrastructure stack. Specific commercial agreements are subject to finalisation.
The list below is a non-exhaustive summary. The full investor memorandum contains the complete risk section. Recipients of this page should read it in full, take independent professional advice, and only invest capital they can afford to lose.
The full amount invested may be lost. This is a seed-stage company with no operating revenue.
Shares in a private B.V. and ASA positions are illiquid. There is no secondary market for the platform investment and no expected liquidity until a future corporate event.
Achieving platform launch, regulatory approvals and target AUM depends on execution by a small team in an early-stage company.
The first product the platform intends to issue refinances debt of a related party (SVG). See the Related-party disclosure section. Final pricing and structure must be validated as arm’s length.
Tokenised real-world-asset platforms operate in an evolving European regulatory environment. Rules and licensing requirements may change in ways that affect the business.
WOZ and market valuations of the anchor assets may not be realised on sale or refinance, and may decline.
The intended refinancing of SVG debt through a Luxembourg securitisation vehicle is not committed. Indicative pricing and structure are subject to lender, legal and tax review.
The anchor portfolio currently sits at approximately 91.6% LTV. Adverse changes in interest rates, occupancy or valuation could materially affect cashflow.
Platform infrastructure depends on third-party technology, custody and operational providers. Failures, outages or vulnerabilities could affect investors and counterparties.
There is no guarantee of platform launch, AUM growth, yield, dividend, profit or exit. Indicative yield ranges referenced in the investor memorandum are working assumptions, not promises.
Nothing on this page constitutes investment, legal or tax advice. This page is a discussion draft, distributed by personal invitation only, and is not a financial promotion or public offer of securities. All matters are subject to legal, tax and regulatory review.
The current raise is a platform investment into SRET B.V., the operating company that will run [Brand name pending trademark registration]. It is not an investment in the holiday homes themselves and it is not a subscription to the Income Plus Appreciation Tokens.
The three holiday homes remain owned by Sirrapa Vastgoed B.V. (SVG). After launch, a Luxembourg SV compartment will issue the tokens. Platform investors do not hold direct security over the properties, and do not receive tokens, priority allocation or yield from the compartment by virtue of the platform raise.
The tokens (Income Plus Appreciation Tokens) are issued by a dedicated compartment of a Luxembourg multi-compartment securitisation vehicle. The compartment is the issuer. The compartment uses Luxembourg securitisation law to issue debt-style securities directly as on-chain tokens via private placement.
SRET B.V. is the platform manager and technology provider. It does not issue tokens and does not hold the real estate on its own balance sheet. Its revenue comes from origination fees (indicatively 1 to 2 percent on issuance) and management fees (indicatively 0.5 percent per annum on AUM), routed from the Luxembourg structure.
The Luxembourg compartment and the local property OpCos are legally separated from SRET B.V. If SRET B.V. ever fails, the compartment and its underlying property exposure remain isolated. Token holders take risk on the property and the compartment’s debt servicing; they do not take risk on the platform business. This is the structural reason institutional investors and family offices engage with this kind of product.
The three Dutch holiday homes are the first assets to be tokenised in the pilot compartment. After the pilot, UK commercial-to-residential conversion assets are intended to be added to the same compartment through a UK operating company, Sirrapa Property Group Ltd (SPG Ltd). As the underlying asset pool of the compartment grows, this is designed to support NAV growth for early token holders. All additions follow the compartment’s own rules, prospectus and independent valuation requirements.
General-purpose token standards such as ERC-20 were designed for unrestricted, anonymous transfer. ERC-3643 was designed for securities: eligibility, identity and jurisdictional rules are enforced inside the smart contract itself, so non-compliant transfers are rejected automatically.
In practice: token ownership is tied to a verified on-chain identity; the issuer retains the ability to enforce KYC and AML rules without relying on off-chain reconciliation; tokens can be reissued to a new wallet if a private key is lost, without compromising the compliance perimeter.
At product (token) level, Creatrust acts as the regulated administrator and is responsible for KYC and AML on token investors. SRET B.V. does not perform KYC or AML on token investors directly; it relies on Creatrust’s regulated process under the compartment’s own framework.
For the current platform raise (ASA / equity into SRET B.V.), onboarding follows a lighter angel-investor process appropriate to a Dutch B.V. capital raise.
SRET is an internal codename for the project. The final commercial name will be selected and filed for trademark registration during the startup phase to protect the IP. Until that is complete, public-facing materials use a placeholder.
The preferred working option is an Advance Subscription Agreement (ASA) / SAFE-style instrument, adapted to Dutch law. It is recognised by angel investors, founder-friendly, and does not create debt or interest pressure.
A direct-equity alternative (10% of SRET B.V. for EUR 225,000 at EUR 2.25m post-money) is also available for investors who prefer a fixed cap-table position.
An ASA is equity-style. It has no interest, no repayment obligation, and converts into shares at the next qualifying round or on the longstop date. A convertible loan is debt: it accrues interest and may be repayable if no qualifying round occurs, which can create cashflow pressure on an early-stage company.
This is a seed-stage equity-style investment with an indefinite horizon. An M&A or exit scenario is contemplated as part of a multi-year growth plan. Specific milestones and target valuations are described in the investor memorandum. There is no guarantee a liquidity event will occur, nor that any specific valuation will be realised.
The platform is being designed to be compliance-first under recognised European frameworks, with the Luxembourg securitisation vehicle as the structuring layer for future products. Specific licences, registrations and prospectus requirements depend on the final structure and product mix, and are subject to legal and regulatory review. This page is not a financial promotion and not an offer to the public.
SRET B.V. and Sirrapa Vastgoed B.V. (SVG) are both part of the Sirrapa group, and SPG Ltd is intended to be added later. The pilot product refinances SVG’s debt, so the platform’s first transaction is a related-party transaction. We disclose this upfront in the Related-party disclosure section, including how we intend to manage it: independent administrator, ring-fenced compartment, arm’s-length pricing, product-level prospectus disclosure.
Access to this page is by personal invitation only. Expressions of interest are accepted from invited recipients capable of evaluating early-stage risk. Registering interest is not a commitment. After review, we will share the full investor memorandum and, if appropriate, propose a founder call.
For invited recipients only. Registering interest is not a commitment. We will respond with the full investor memorandum and, if appropriate, propose a founder call.
We will be in touch with the full investor memorandum and next steps within 3 business days. A confirmation has been sent to the email address you provided.
For anything urgent in the meantime, please email armand.parris@sirrapagroup.com.
Prefer email? Write to armand.parris@sirrapagroup.com.