As much as I'm a fan of Vitalik, I don't think you can apply what he's saying to this situation. Realisto is looking to raise money for an investment fund (with a small amount set aside for the team and operations). With that in mind, there's a physical limit in terms of how much they can invest in Berlin real estate per year.

I believe commercial real estate transaction volume is around 6 billion Euro per year (although I'd have to double check that), so it's a pretty large market, plus they will be doing some residential investing. But they will still have limited resources that an unlimited ICO can't easily solve. They couldn't acquire 6 million worth of real

Raising cash that sits idle because you can't invest it quickly enough isn't productive because it won't generate a return. That'll dilute dividends for everyone.

That's why I was saying they should consider raising funds over time...as they have the ability to invest it. It's perfectly transparent if you're up front about it. I'm suggesting it because it makes more business sense, not to mislead anyone.