MYRE Capital has launched its newest property offering Times Square, a landmark office complex in the business hub of Andheri, Mumbai. An institutional grade-A office space, it is expected to offer a rental yield of 10.5% and 13.6% of target Internal Rate of Return (IRR). The entire tower is pre-leased to Smartworks and the 10th floor is further subleased to IFTAS with a lease tenure of 5+5+5 years.
Aryaman Vir, Founder and CEO, MYRE Capital, said they are excited to launch their newest offering in the heart of the financial capital of the country. “The asset is currently at 25% funding on priority access with the opportunity going live on our platform. Given the lucrative nature of this opportunity, the demand for Priority Access to this asset has been phenomenal. Favorable micro market fundamentals, attractive lease terms, and strategic asset location, makes the opportunity a compelling investment proposition for investors. 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. Managed leasing of the asset offering offers long-term tenant stability, secured rental yields and tenant vacancy risk mitigation plays out as a huge advantage offering a complete spectrum of integrated services helping investors achieve optimal asset and portfolio management.”
Vir said they understand that its essential to evaluate the quality and intrinsic value of underlying asset. “Whilst numerous factors culminate into an acquisition decision, it is imperative to segregate these factors into situational or permanent relevance and accordingly allocate weightages. We have been able to translate our domain expertise in designing and building these institutional grade assets for over two decades to work in tandem with infusion of technology to deliver superior investment opportunities for our investors.”
The new asset premises offered by MYRE Capital has been further leased by Smartworks to other marquee enterprise tenants providing two layers of security against any potential vacancy risks. India’s largest and profitable provider of agile workspaces, Smartworks focuses on large enterprise clients only which makes the investment proposition extremely attractive for investors.
Smartworks, a market leader in Managed Workspace Solutions, has developed a compelling business model favorable to both landlords and subtenants. Leveraging economies of scale and managing entire buildings, Smartworks negotiates for under market rentals to offer subtenants with value added services and thereby ensure stickiness. Managed leasing puts the greater onus of tenancy on the managed leasing partner, which includes tenant sourcing, management, and vacancy. The managed leasing partner is responsible for the rental payments irrespective of subtenant vacancy thereby making it an extremely secure investment option.
The managed leasing partner, Smartworks is India’s largest and profitable provider of agile workspaces, serving 500+ customers with a presence in 9 leading cities and 23 centers which makes the property reliable and hence a compelling investment opportunity. The market leader also became India’s first flex-space operator to have PAN India presence in nine Tier-I cities. The proposed area sub-tenant IFTAS is a wholly-owned subsidiary of the Reserve Bank of India, providing critical infrastructure services to RBI, banks, cooperative societies and other financial institutions. This asset offered by MYRE Capital is pre-leased and managed so investors can start earning rentals from the first month of the investment itself. The minimum investment for the opportunity is 25 lakhs. Through MYRE Capital’s expertise and offering, investors can build their Commercial Real Estate portfolio and begin a secure investment journey.
In 2021, MYRE Capital aggregated 70+Crore of assets under management across three prominent Grade-A properties in Maker Maxity, BKC, Mumbai, and Magarpatta Cybercity Township in Pune.