MYRE Capital receives huge demand for commercial property in Bangalore; launches new floor in same building to meet demand
Mumbai (Maharashtra) [India], June 29 (ANI/NewsVoir): Bengaluru has seen a very high demand for commercial real estate with oversubscription to the latest property offering, reported MYRE Capital, India's first neo-realty investment platform and a venture by renowned architectural firm Morphogenesis.
MYRE has successfully closed their last offering in Vaishnavi Tech Park (VTP), Bangalore in just a span of 60 days with 38 per cent oversubscription by investors. The demand for this property was massive hence the company has decided to launch another opportunity in the same building to cater to investor interest.
Bengaluru has been home to India's largest IT corridor providing office spaces for some of the leading MNCs. Vaishnavi Tech Park (VTP) is located strategically at the intersection of Outer Ring Road (ORR) and Sarjapur Micro Market.
ORR is the largest IT hub of Bangalore whilst the Sarjapur Micro Market has a 0 per cent vacancy rate. These micro markets are home to some of the most prominent MNC tenants, including - LinkedIn, Deloitte, Microsoft, Accenture, HCL, Tata, Wipro.
Due to such favourable micro market fundamentals, buildings in this area have previously been majorly owned by institutional investors who have a long term plan to retain these assets. The MYRE platform enables retail investors, HNI and emerging HNI investors to invest in such rare, off-market opportunities at significantly reduced investment minimums via its proprietary fractionalisation model.
The newest offering by MYRE Capital in Vaishnavi Tech Park (VTP) spans the entire 4th floor of the building with a proposed sq. ft. of 36,230. This opportunity is set to offer an entry yield of 8.6 per cent and a target internal rate of return (IRR) of 15.9 per cent.
Speaking on the development, Aryaman Vir, Founder & CEO said, "We are thrilled with the overwhelming response we have received from our investors for the first opportunity in VTP. Bangalore has always been an investor favourite city because of it being the IT/ITES capital of the world. This opportunity witnessed ~37 per cent of the aggregate interest stemming from NRIs of which 32 per cent was from Bengaluru originated NRIs. The unparalleled asset quality, great micro market fundamentals, marquee tenants and the use of sustainable architecture makes it a preferred choice for eco-friendly occupiers. With this being said, we as a company are excited to launch the second opportunity in the building to cater to the demand of our investors. We are also in works to launch India's First Neo-Realty alternative investment fund to cater to this ever-rising demand for Grade-A assets in commercial real estate."
The entire building has been designed for IGBC platinum rating and has been entirely leased to Smartworks, the market leader in managed leasing solutions, for a total tenure of nine years. Managed leasing comes with an additional layer of rental security and stability with minimal vacancy risk. This is because the operator is liable to pay the rental agreed upon irrespective of sub-tenant occupancy as per contract.
This asset offered by MYRE Capital is pre-leased and managed so investors can look to earn stable monthly rental income and long-term capital appreciation. In the last 12 months, MYRE Capital has aggregated assets under management in excess of INR 175 Cr. The assets are spread across NCR, Mumbai, Pune, and Bangalore. Since inception, MYRE has maintained a 100 per cent occupancy rate across its portfolio and has 35,000+ users on its platform.
For more information, please visit myrecapital.com/property-listing.
MYRE Capital, a venture by Morphogenesis, is a tech-enabled NEO-Realty fractional ownership platform that provides easy access, transparency, and liquidity to a curated selection of rent-yielding commercial real estate assets. Each asset is shortlisted based on stringent criteria involving predictive analytics across 150+ data points, 25 years of industry expertise, and our proprietary technology solutions. The company was founded by Aryaman Vir with his expertise in technology, finance, and real estate.
MYRE Capital provides real estate owners and developers a reliable source of stable finance whilst providing potential investors and stakeholders with end-to-end investment management and execution thus enabling them to redevelop trust in this asset class and reposition the Indian real estate market on a global platform.
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Source: BUSINESS