MYRE Capital to Raise Rs 150 Crore by End of March 2022
MYRE Capital, a neo-realty investment platform and a venture by architect firm Morphogenesis, plans to raise Rs 150 crore by the end of March 2022. Aryaman Vir, founder & CEO of MYRE Capital said, “We plan to add another Rs 150 crore to our asset portfolio by the end of the upcoming financial year. Office assets will continue to remain high on the investor radar as mobility improves and a comeback to the physical office environment picks up.” The company had recently raised Rs 31 crore through its offering in Times Square, Andheri, Mumbai. Spread across 17,817 sq ft, Times Square with a 5+5 year lock-in, is expected to offer a rental yield of 10.5%, and an Internal Rate of Return (IRR) of 13.6%. The entire tower is pre-leased to Smartworks and the 10th floor is further subleased to IFTAS, a fully-owned RBI subsidiary. The investment cycle for the property has been closed in 45 days receiving 100% commitment from investors, Myre Capital said. This type of model provides security against potential vacancy risks making this property an attractive investment proposition for investors, the company said. MYRE Capital has closed three Grade-A properties, one each in Maker Maxity & BKC in Mumbai and Magarpatta Cybercity Township in Pune.
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