LEX Selects Nasdaq to Power Groundbreaking Commercial Real Estate Securities Trading Platform
June 25 2020 - 8:29AM
Business Wire
Nasdaq’s market technology, the backbone
of 120+ global market operators, will power LEX’s platform and
bring new sophistication to LEX’s real estate securities trading
venue
LEX, the leading commercial real estate securities marketplace
that enables accredited and unaccredited investors to invest in
individual properties, today announced it has partnered with Nasdaq
to power its trading platform. LEX will leverage the cloud matching
service via the Nasdaq Marketplace Services Platform to provide the
same robust, low latency and high-performance trading features used
by 120+ global market operators around the world. The technology
partnership sets a new market infrastructure standard for trading
real estate securities and establishes an exclusive trading venue
for commercial real estate securities.
Nasdaq’s Marketplace Services Platform will serve as the
underlying technology for LEX’s alternative trading system (ATS).
The technology, which is designed with the rigorous regulatory,
reliability and security standards proven in financial markets,
will provide LEX with a full range of trading functions, interfaces
and surrounding market operations capabilities in a dynamic
environment that can flexibly adjust as LEX’s business evolves.
With road-tested technology in place, LEX will unlock previously
unavailable matching opportunities between property owners and
retail and institutional investors at speed and scale. The company
will also be able to demonstrate integrity and trust through
transparent price formation mechanisms that inspire confidence for
participants and investors.
“We are excited to forge this partnership with Nasdaq and create
the most powerful platform for trading real estate securities,”
said Drew Sterrett, co-founder and CEO of LEX. “Nasdaq’s market
leading technology will allow LEX to scale with the sophistication
of a global market and helps us achieve our mission of opening
access to the asset class for both retail and institutional
investors. Properties have historically traded hands over the
course of years. Nasdaq is providing us with the technology to make
it happen in under a second.”
"For nearly fifty years, Nasdaq has been a leading market
operator and technology company,” said Paul McKeown, SVP and Head
of Marketplace Operators and New Markets, Market Technology,
Nasdaq. “We look forward to working with LEX as their technology
provider as they reimagine real estate securities trading to make
the multi-trillion U.S. commercial real estate market more open and
transparent."
Launched in 2019, LEX enables retail and institutional investors
to directly invest in individual commercial real estate properties
via securities qualified by the SEC under Regulation A, enabling
trading by non-accredited retail investors. The shares offered are
publicly traded partnership interests, allowing the full tax
benefits of direct real estate ownership to pass through to
investors.
The partnership with Nasdaq underscores momentum for LEX who has
secured a strong stable of investors and advisors including Craig
Hatkoff, LEX’s Chairman and Chief Strategy Officer. Mr Hatkoff is
one of the earliest pioneers of commercial real estate and mortgage
securitization and currently serves on the Boards of Colony Capital
and SL Green, two of the country’s largest REITs. In addition, LEX
has partnered with Nasdaq Private Market to facilitate secondary
transactions for owners of private equity interests seeking
liquidity.
"Our partnership with Nasdaq puts into place the final piece of
the puzzle giving LEX a true first-mover advantage with a
simple-to-use, proprietary platform for structuring and trading
commercial real estate securities,” said Craig Hatkoff. “While
others have tried variations, until now no one has cracked the code
on how to partner with a recognized national securities exchange.
The LEX/Nasdaq tie-up should be a game-changer opening up access to
an untapped market for the accredited and unaccredited investor and
dramatically lowering the cost of capital for the real estate
industry."
About LEX
LEX is the leading commercial real estate securities
marketplace. On LEX’s platform, both accredited and unaccredited
investors can buy and sell shares of individual commercial real
estate assets without prohibitively high minimums or a long lockup
period. The groundbreaking marketplace allows property owners to
easily unlock equity while retaining operational control of their
properties. LEX is democratizing the commercial real estate asset
class and redefining real estate investing. For more information
please visit, www.lex-markets.com.
About Nasdaq
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the
capital markets and other industries. Our diverse offering of data,
analytics, software and services enables clients to optimize and
execute their business vision with confidence. To learn more about
the company, technology solutions and career opportunities, visit
us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200625005226/en/
Media: For Press Inquiries regarding LEX: Bubba Gramkow |
bubba@bevelpr.com For Press Inquiries regarding Nasdaq: Ryan Wells
| ryan.wells@nasdaq.com
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