MYRE Capital is India’s first new real estate investment platform. This is a joint venture of the renowned construction company Morphogenesis. MYRE ends the 2021 calendar year with a combined AUM of over 1 billion. They have launched their latest products at Vaishnavi Technology Park (VTP) in Bangalore starting this year.
MYRE Capital offers investors the opportunity to invest in rare commercial real estate (CRE) institutional grade assets with a minimum investment of Rs 2.5 lakh. The proposed space is 36,230 square feet. Located in the South Tower of VTP, spanning the entire 4th floor. This opportunity will offer an entry rate of return of 8.7% and a target internal rate of return (IRR) of 16.2%. This comes as office space demand in Bengaluru is expected to reach pre-pandemic levels in 2022, dominated by the financial and tech sectors. Bengaluru is widely regarded as the “Silicon Valley of India” due to the presence of the largest IT company in the country.
Vaishnavi Technology Park (VTP) is strategically located at the intersection of Outer Ring Road (ORR) and Sarjapur Micro Market. ORR is the largest IT hub in Bangalore, while the Sarjapur micro market has a 0% vacancy rate. These micro-markets are home to some of the most prominent multinational tenants, including – LinkedIn, Deloitte, Microsoft, Accenture, HCL, Tata, Wipro.
VTP is a newly built development with 2 office towers and a dedicated retail space. As a testament to the quality of the asset, the entire development has been designed for an IGBC Platinum rating. State-of-the-art construction techniques have been used to achieve long-term minimization of utility costs and maintenance costs.
The themed building is fully leased to Smartworks, the market leader in managed lease solutions, for a total of 9 years. Given strong demand from blue-chip and multinational tenants, Smartworks has been able to sublease more than 90% of the tower to corporate clients within days of occupying the space. Smartworks is the largest operator in managed leasing and has demonstrated strong leasing capabilities by acquiring over 500 enterprise clients across its pan-India offices including Amazon, Tata, Ernst & Young, Starbucks, Microsoft and more. The space acquired by MYRE is occupied by Groww, one of the largest fintech platforms in the country. Groww recently hired Microsoft Executive Chairman and CEO Satya Nadella as an investor and active board advisor. Groww is also an anchor subtenant in VTP.
MYRE Capital has also launched a first-of-its-kind 3D virtual tour of the development, allowing investors to virtually browse the entire property and give them a more meaningful understanding of the development.
Complete News Source : Construction Week
