Real estate platform Myre Capital said on Wednesday it has raised 50 crore ($6.7 million) through its offering of township Magarpatta Cybercity in Pune.
The company said it closed funding for two opportunities in Magarpatta and received 100% commitment from investors. Its asset size was a total of 46,800 square feet.
Myre Capital expects Magarpatta to offer investors an average rental yield of 8.8% and a targeted gross IRR (internal rate of return) of 18.5%, the platform said.
“Commercial real estate has emerged as the preferred asset class for institutional investors and HNIs (high net worth individuals) due to stable rental income. We have received investor interest from 14 countries,” Aryaman Vir, founder and CEO of Myre Capital, said.
Myre Capital said the demand for Magarpatta has always remained strong.
It completed Magarpatta funding within a month of it being offered to investors, it said. Myre Capital aims to acquire more assets in Mumbai, Pune, Bengaluru, Hyderabad, and Delhi-NCR to offer them for fractional investment.
Myre Capital is a venture by architect firm Morphogenesis. It is a tech-enabled fractional ownership platform that provides access to rent-yielding commercial real estate assets.