How a Crypto ‘REIT’ Misled Investors With Family Deals and ‘Unjustified’ Real-Estate Markups

Third, while it’s not clear when BTS bought Westcott House’s freehold, all indications are that it paid £1.425 million shortly before flipping the leaseholds to Tangible SPVs for £1.56 million. As of November, BTS valued the freehold at £1.425 million, according to the U.K. registry, which Gabrieli said reflected the price it had paid.

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