MYRE capital acquires 46,000 sq ft at Pune at Rs 50 crore
MYRE capital has got 46,000 sq ft of Grade A+ commercial assets at Pune’s Magarpatta for Rs 50 crore. It is a venture by architect firm Morphogenesis.
The rent generating asset will be given to investors on its platform. Besides that, the company is looking forward to acquiring more assets in Mumbai, Pune, Bengaluru, and Delhi-NCR to offer a fractional investment to the investors.
Aryaman Vir, founder, and CEO, MYRE Capital said that some companies are looking for liquidity, Covid provided them an opportunity to acquire commercial assets at the right price. The risk is smaller in grade A assets, that are occupied by large MNCs.
In addition to that, the company has increased Rs 100 crore in pre-launch funds and plans to raise and invest Rs 500 crore by March 2021.
Magarpatta Cybercity is considered as a prominent Grade-A development located in the SBD East micro-market in Pune.
Vir also added that even when companies were vacating offices in many cities, the vacancy at Magarpatta remained very less as it promotes walk to work culture.
The proposed office space acquires the entire A wing of the 6th floor of tower 12. Furthermore, it is leased to a Grade-A MNC IT tenant, Bentley Systems.
Cyber City has just 2.5% vacancy with 7 mn sq ft of office space. It is a globally renowned IT hub for MNC tenants such as Amdocs, Accenture, Avaya, RedHat, Infosys, Eaton, and BNY Mellon.
Vir also stated that they have opened the property for investors and have received soft commitments of Rs 8 crore already. They are in the final stages of acquiring another asset in Hyderabad, he added.
Commercial real estate has been the preferred asset class for institutional investors and HNIs because of a stable rental income (8-10% yields) and appreciation potential (17%-25% IRR).
Real estate investment gains momentum during the Covid-19 pandemic partially. Besides that, some players are raising additional funds to invest in multiple grades A commercial assets across Mumbai, NCR, and Bengaluru.
MYRE capital told that rent paying commercial property is curated across the country and they are first purchased and only after that investor interest is sought.
