1 min read.Updated: 23 Jun 2021, 01:18 PM ISTLivemint
Magarpatta is among the most successful integrated townships in India.
The asset is expected to offer investors an average rental yield of 8.8% and a targeted IRR (internal rate of return) of 18.5% gross.
Morphogenesis' Myre capital, a tech-enabled fractional ownership real estate platform, has raised ₹50 crore through its offering of Magarpatta Cybercity in Hadapsar, Pune. Magarpatta is among the most successful integrated townships in India.
"The demand for Magarpatta Cybercity has always remained strong with institutional funds and HNI investors primarily being the landlords. Myre Capital has managed to secure the off-market opportunity and enabled retail investors to participate in the institutional-grade opportunity at a fraction of the price. Myre has closed funding for two opportunities in Magarpatta and has received 100% commitment from investors. The asset size computed for a total of 46, 800 sq. ft.
Cybercity has consistently maintained one of the lowest vacancy rates and boasts of a stellar tenancy profile. The asset is expected to offer investors an average rental yield of 8.8% and a targeted IRR (internal rate of return) of 18.5% gross.
These returns significantly outperform traditional investment avenues such as fixed deposits, debt markets, and corporate bonds. The opportunities offered by Myre enable investors to benefit from the stable monthly rental income that is secured by long-term agreements with MNC tenants and additional annual capital appreciation upside.
Aryaman Vir, founder and CEO, Myre Capital, said: “To provide high performing investment avenues in a post-covid world, asset selection is crucial. MNC firms are rapidly moving towards digitization and India is arguably the most successful IT/ITeS hub globally", adding that Pune is one of the most important IT/ITes hubs in India, which makes Magarpatta a lucrative asset opportunity, considering stability in the current market conditions and future growth prospects.
Commercial real estate has emerged as the preferred asset class for institutional investors and HNIs due to a stable rental income. "We have received investor interest from 14 different countries. The investor profile comprises lawyers, CAs, doctors, pilots, captains, engineers, techies. We aim to democratize real estate ownership, making it accessible to a wider range of investors," Vir added.
The assets offered by Myre Capital are pre-leased properties, and therefore investors can start enjoying rentals from the first month of the investment itself. The minimum investment for the assets listed begins from ₹25 lakh. Myre Capital has already closed one prominent Grade-A property- Maker Maxity, BKC, Mumbai.