Neo-realty investments platform Myre Capital, a subsidiary of Morphogenesis Reality Pvt. Ltd, on Thursday said it has closed the second offering of commercial real estate with Vaishnavi Tech Park (VTP), Bengaluru for Rs 70 crore.
The firm claims it is witnessing a demand with 38% oversubscription to the last offering in VTP. Myre Capital launched another property in the same building and oversubscribed yet again by 30%.
Myre Capital said this is the second Bengaluru property to be oversubscribed by over 30%, indicating an increased interest in commercial real estate. Interestingly, 26% of the interest is coming from NRIs (non-resident Indians).
Myre Capital is a venture by architecture firm Morphogenesis. It is a tech-enabled fractional ownership platform that provides access to rent-yielding commercial real estate assets.
“With the closure of this property, we have reached an AUM of Rs 200 crore and we aim to reach Rs 350 crore by the end of the fiscal year. Myre Capital is in the works to launch India’s first neo-realty alternative investment fund (AIF) to cater to this ever-rising demand for grade-A assets in commercial real estate,” said Aryaman Vir, founder and chief executive officer, Myre Capital.
The firm said it is witnessing continued increasing demand from MNCs (multi-national corporations) and has been able to sustain market growth whilst keeping vacancies in single digits. VTP is located strategically at the intersection of Outer Ring Road (ORR) and Sarjapur Micro Market in Bengaluru. ORR is the largest IT hub of Bengaluru whilst the Sarjapur Micro Market has a 0% vacancy rate.
The micro-markets are home to several prominent MNC tenants, including LinkedIn, Deloitte, Microsoft, Accenture, HCL, Tata, and Wipro. Due to the favourable micro markets, Myre investors have shown 100% commitment.
Vir added “Apart from this, we have also garnered investor interest to invest in overseas CRE opportunities. We are in talks with an international platform to bring a variety of global selections of curated real estate investment opportunities to Indian investors.”
According to Myre Capital's Neo Realty Survey, Bengaluru has consistently been one of the best locations for commercial real estate investments.
In June, Myre Capital said it raised Rs 50 crore through its offering of the township Magarpatta Cybercity in Pune. In April, it said it would be launching a real estate alternative investment fund (AIF) worth Rs 500 crore, as it has been witnessing a surging demand for commercial real estate investment from HNIs, family offices, and institutional and retail investors.