Real estate platform MYRE Capital said on Thursday said it has launched a new office in Times Square, located in the business hub of Andheri, Mumbai, that is expected to offer a rental yield of 10.5% and 13.6% of target internal rate of return (IRR).
The property is pre-leased to co-working space provider Smartworks and the 10th floor is subleased to IFTAS, a Reserve Bank of India (RBI) subsidiary, said MYRE Capital in a statement.
Smartworks has further leased the property to other marquee enterprise tenants, it added. This provides two layers of security against any potential vacancy risks. Investors can also start earning rentals from the first month of the investment itself, it said. The minimum investment for the property is Rs 25 lakh.
"The asset is currently at 25% funding on priority access with the opportunity going live on our platform today," said Aryaman Vir, founder and CEO, MYRE Capital.
"Superior asset upkeep such as value-added facilities like workspace digitization and professional building management makes the property extremely attractive to sub-tenants leading to longer lease periods and high stickiness among tenants and investors alike," he added.
The statement said that MYRE Capital also plans to raise Rs 150 crore this year.
In June, MYRE Capital said it raised Rs 50 crore ($6.7 million) through its offering of township Magarpatta Cybercity in Pune. https://www.vccircle.com/fractional-ownership-platform-myre-capital-offers-township-to-investors-gets-6-7-mn
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.
