MYRE Capital closes commercial property of INR 70 crores with massive demand in Bengaluru; plans to bring global opportunities for Indian investors
New Delhi, Thursday, October 06, 2022: MYRE Capital, India’s first Neo-Realty investment platform has successfully closed the second offering in Vaishnavi Tech Park (VTP), Bengaluru. Post witnessing a huge demand with 38% oversubscription to the last offering in VTP, MYRE Capital launched another property in the same building and closed the opportunity with equal enthusiasm and demand from investors. The property was oversubscribed yet again by 30%.
Bengaluru being the IT/ITES capital of the world, has witnessed continued increasing 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 0% vacancy rate. These micro markets are home to some of the most prominent MNC tenants, including – LinkedIn, Deloitte, Microsoft, Accenture, HCL, Tata, and Wipro. Due to the favorable micro markets, investors have shown 100% commitment as MYRE Capital has been able to bring to the table a rare off-market opportunity. Bengaluru has always been one of the top cities for commercial real estate investments as per MYRE Capital’s Neo Realty Survey.
Speaking on the development, Mr. Aryaman Vir, Founder & CEO, MYRE Capital said “At MYRE Capital we strive to bring the best available real estate investment opportunities for our investors. We value the trust that our investors have instilled in us and we are overwhelmed with the response received for both the opportunities in VTP. With the closure of this property, we have reached an AUM of INR 200 crore and we target to reach INR 350 crore by the end of the fiscal year. It has been a phenomenal year so far for MYRE Capital as we are also in the 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 selections of curated real estate investment opportunities for Indian investors.”
The entire VTP building has been designed for IGBC platinum rating and has been 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 the 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. The assets are spread across NCR, Mumbai, Pune, and Bangalore. Since its inception, MYRE has maintained a 100% occupancy rate across its portfolio and has 35,000+ users on its platform.