Mumbai, Fractional ownership platform hBits on Wednesday announced its entry in Pune with the acquisition of 44,328 sq ft campus Cyberseat Magarpatta.
Without disclosing the size of the deal, the company said the acquired complex has a commercial area, a shopping mall, several restaurants, two schools, residential neighbourhood, a gymkhana and a large tranquil park of 25 acres.
It said the property is part of a 450-acre gated township, with Grade A tenants like US-listed multinational giants Amdocs and Airproducts.
Through this asset, hBits aims to create an investment opportunity of Rs 5 crore, thereby democratizing access to Grade A commercial real estate for investors.
hBits also said that with this acquisition, the company's total assets under management (AUM) is now around Rs 365 crore, while it plans to achieve an AUM of Rs 1,000 crore by this financial year.
According to hBits, the rental flow and purchase price of the asset provide a gross entry yield of 9 percent and an expected internal rate of return of 15.1 percent.
"Over the last few years, Pune has emerged as a thriving hub for the IT and IT-enabled services industry, besides being home to manufacturing and education companies. As Pune's commercial landscape continues to flourish, We are confident that the launch of our new assets will create significant investment opportunities.” For investors, said Shiv Parekh, founder-CEO of hBits.
Without disclosing the size of the deal, the company said the acquired complex has a commercial area, a shopping mall, several restaurants, two schools, residential neighbourhood, a gymkhana and a large tranquil park of 25 acres.
It said the property is part of a 450-acre gated township, with Grade A tenants like US-listed multinational giants Amdocs and Airproducts.
Through this asset, hBits aims to create an investment opportunity of Rs 5 crore, thereby democratizing access to Grade A commercial real estate for investors.
hBits also said that with this acquisition, the company's total assets under management (AUM) is now around Rs 365 crore, while it plans to achieve an AUM of Rs 1,000 crore by this financial year.
According to hBits, the rental flow and purchase price of the asset provide a gross entry yield of 9 percent and an expected internal rate of return of 15.1 percent.
"Over the last few years, Pune has emerged as a thriving hub for the IT and IT-enabled services industry, besides being home to manufacturing and education companies. As Pune's commercial landscape continues to flourish, We are confident that the launch of our new assets will create significant investment opportunities.” For investors, said Shiv Parekh, founder-CEO of hBits.
