MYRE Capital raises Rs 70 cr for commercial project in B'luru
MYRE Capital, a neo-realty investment platform announced the closure of a second offering in Vaishnavi Tech Park (VTP) in Bengaluru. The property was oversubscribed by 30 per cent at an investment of Rs 70 crore.
image for illustrative purpose
Bengaluru MYRE Capital, a neo-realty investment platform announced the closure of a second offering in Vaishnavi Tech Park (VTP) in Bengaluru. The property was oversubscribed by 30 per cent at an investment of Rs 70 crore.
Post 38 per cent oversubscription received for the last offering in VTP, MYRE Capital again launched another property in the same building and closed the deal with a demand from investors. Aryaman Vir, founder and CEO, MYRE Capital said, "At MYRE Capital we strive to bring the best available real estate investment opportunities for our investors. With the closure of this property, we have reached an AUM of Rs 200 crore and we target to reach Rs 350 crore by the end of the fiscal year."
Speaking about the real estate market in Bengaluru, he said that the IT/ITES capital of the world, has witnessed continued increase in demand from MNCs and has been able to sustain market growth whilst keeping vacancies in single digits. 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 zero 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 the favourable micro markets, investors have shown 100 per cent commitment. Bengaluru has always been one of the top cities for commercial real estate investments as per MYRE Capital's Neo Realty survey, Vir added.
The entire VTP building has been designed for IGBC platinum rating and has been leased to Smartworks, 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 irrespective of sub-tenant occupancy as per the contract.
Stating about MYRE Capital's further plans, Vir informed, "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. Apart from this, we have also garnered investor interest to invest in overseas CRE opportunities. We are in talks with an international platform to bring a variety of global selection of curated real estate investment opportunities for Indian investors."
