MYRE Capital Raises Rs. 50 Cr for Magarpatta Township in Pune
MYRE Capital, a tech-enabled fractional ownership real estate platform and a venture by architect firm Morphogenesis, 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 of 18.5% gross. These returns significantly outperform traditional investment avenues such as fixed deposits, debt market, and corporate bonds. The opportunities offered by MYRE enables 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-19 world, asset selection is crucial. At MYRE Capital, we follow a stringent selection criterion to optimise the risk-return profile of opportunities on the platform and safeguard the interest of investors. MNC firms are rapidly moving towards digitisation and India is arguably the most successful IT/ITeS hub globally. Pune is one of the most important IT/ITes hubs in India, which makes Magarpatta a lucrative asset opportunity, considering stability in current market conditions and future growth prospects”. The assets offered by MYRE Capital are pre-leased properties therefore investors can start enjoying rentals from the first month of the investment itself. The minimum investment for the assets listed begins from Rs. 25 lakh. MYRE Capital offers a proprietary investment platform, an actively managed secondary market, and multiple exit options to investors – enabling investors to access easy liquidity. MYRE Capital strongly believes in its asset selection and offered opportunities - the company invests in each of their offerings and remain co-owners with the other investors.
Tags : News/Views properties IT hubs COVID-19 tenants ITes retail investors MYRE Capital Magarpatta Township Magarpatta Cybercity