Issuer
Estating Property Vault S.A.
Luxembourg securitisation vehicle. Ring-fenced compartments.
Institutional real estate debt, onchain.
Senior secured bonds, issued under Luxembourg law, represented as permissioned security tokens.
Tortuga converts institutional real estate debt into ERC-3643 security tokens, issued by a Luxembourg securitisation compartment and subscribed by qualified investors.
Bond
Compartment
Token
The infrastructure behind every issuance
Named, institutional, accountable.
Each role below is filled by a named counterparty. LEIs are published where available. Tier-1 audit and counsel engagements are disclosed to qualified investors during diligence.
Statutory Auditor
PwC
Statutory audit. Luxembourg securitisation specialty.
Legal Counsel
Allen & Overy
EU securitisation practice. Offering documentation and deal counsel.
Corporate Services
Qualix
Luxembourg domiciliation. S.A. and SCSp administration.
KYC / AML
SumSub
Identity verification, sanctions screening, source-of-funds.
ISIN / CSD
SIX SIS
Swiss ISIN issuance. Settlement. FINMA-regulated paying agent.
Token Standard
ERC-3643 (T-REX) ↗
On-chain Identity Registry. Permissioned transfers.
What you are buying
A bond. Represented onchain. Issued in Luxembourg.
Legal form
Senior secured bond issued by a ring-fenced compartment of a Luxembourg Société de Titrisation, structured under the Law of 22 March 2004, as amended.
Onchain representation
ERC-3643 permissioned security token, multi-chain by design. Live on Base with Ethereum-compatible contracts today; integrating Bloom and Canton. Identity-bound transfers are enforced by the on-token Identity Registry across every supported chain.
What you hold
A debt claim against a specific compartment, ring-fenced from every other Tortuga issuance. Not equity in the underlying property. Not a crypto-asset. Not a stablecoin.
Upcoming pipeline
What's in structuring. What's coming to market.
A selection of forward issuances scheduled for the Tortuga rail. Indicative information only. Not an offer or solicitation. Subscription is restricted to professional investors on the terms of each offering memorandum and final terms.
| Jurisdiction | Sector | Seniority | Coupon Range | Maturity | LTV | Size | Status |
|---|---|---|---|---|---|---|---|
| United States | Hospitality | Senior secured | 8.00–10.00% | 5Y | ~65% | $100M+ | In structuring |
| Luxembourg | Logistics | Senior secured | 6.50–7.25% | 5Y | 58% | €22M | Book-building Q2 2026 |
| United States | Multifamily (build-to-core) | Senior secured | 7.50–9.00% | 4Y | 70% | €15M | In structuring |
| Poland | Multi-strategy RE | Mixed (token level) | 10.00–13.00% | Evergreen | — | €10M | Tokenisation in finalization |
Indicative coupon ranges are pre-book-building expectations and are not commitments. Actual terms are disclosed in the offering memorandum at book-building. Closed-book issuances executed through Estating infrastructure are shown on the full shelf page.
How it works
From underwriting to onchain subscription.
01
Origination & underwriting
Bank-grade credit analysis, security package, LTV, DSCR.
02
Luxembourg issuance
OM + Final Terms, ISIN via SIX SIS, listing where applicable.
03
Onchain representation
ERC-3643 token minted 1:1 against the Identity Registry.
04
Subscription & servicing
Qualified KYC'd investors subscribe. Coupons via paying agent. Redemption at maturity.
Regulatory framework
A single-jurisdiction legal anchor.
Luxembourg Law of 22 March 2004
Securitisation vehicles. Ring-fenced compartments. Bankruptcy-remote structure. Amended 25 February 2022.
View on EUR-Lex →Regulation (EU) 2022/858
DLT-native market infrastructure for financial instruments. In force since March 2023. Applicable to Tortuga's token-based representation of regulated securities. Not MiCA — MiCA excludes financial instruments from its scope.
View on EUR-Lex →Directive 2014/65/EU + Regulation (EU) 2017/1129
Distribution of financial instruments across the EU under the passporting regime. Prospectus Regulation governs offering thresholds. Above €12M from 5 June 2026 under the EU Listing Act.
View on EUR-Lex →Track record
- Estating track record
- 6+ years
- Deployed across 20+ products
- $60M+
- Principal losses
- Zero
- Wealth management partners
- 30+
Source: Estating Property Vault S.A., as of April 2026. Past performance is not indicative of future results.
Team
Three co-founders, two chairs, one platform.
Tortuga is built by operators who have shipped institutional capital markets infrastructure at scale.
Co-CEO
Matt Radominski
DeFi and partnerships. Web3 BD across Aave, Chainlink, Balancer.
Co-CEO
Wiktor Buczek
Product and operations. Ex-UBS, Credit Suisse, BNY Mellon. Former COO at Samana.
CTO
Levan Ilashvili
ICP and cross-chain architecture. 10+ hackathon wins. Georgia's largest CEX co-founder.
Chairman
Martin Halblaub
Ex-CEO SIX Digital Exchange. Ex-CEO HSH Financial Markets. €200bn+ AUM career.
Asset Sourcing
Daniel Vegue
20+ year wealth management. Credit Suisse, Julius Bär, Lloyds. Block Asset Management co-founder.
Governance
Independent Directors
Board composition disclosed in diligence.
Next steps
For investors
Request information on the next issuance.
For issuers
Originate with Tortuga.
For partners
Distribution, DeFi, or co-origination.