MYRE Capital acquires office space for Rs 31 crore in Andheri, Mumbai
The institutional grade-A office space is expected to offer a rental yield of 10.5% and 13.6% of target Internal Rate of Return (IRR). The entire tower is pre-leased to Smartworks and the 10th floor is further subleased to IFTAS (A RBI Subsidiary) with a lease tenure of 5+5+5 years.
The asset, which will be offered by MYRE capital to the investors, has been further leased by Smartworks to other tenants providing two layers of security against any potential vacancy risks.
“The asset is currently at 25% funding on priority access with the opportunity going live on our platform today. Favourable micro market fundamentals, attractive lease terms, and strategic asset location makes the opportunity a compelling investment proposition for investors,” said Aryaman Vir, Founder & CEO, MYRE Capital.
This asset offered by MYRE Capital is pre-leased and managed so investors can start earning rentals from the first month of the investment itself. The minimum investment for the opportunity is 25 lakhs.
Commercial real estate has been the preferred asset class for institutional investors and HNI’s due to a stable rental income (8-10% yields) and appreciation potential (17%-25% IRR).
As fractional real estate investing gains momentum during the Covid-19 pandemic, the tech-based real estate investment platforms promoting the concept are set to raise additional funds to invest in multiple grade A commercial assets across Mumbai, NCR and Bengaluru.
MYRE capital said that rent paying commercial property is curated from across India and they are first purchased and only after that investor interest is sought.
In the current scenario, fractional real estate investment is a new and safe way to invest in commercial real estate as they command higher rentals and attract large Indian and MNC tenants.