The company is all set to invest Rs 7 billion in the space which is spread across 533000 square feet
Tech-enabled commercial property investment platform Property Share has completed the acquisition of Prestige Tech Platina in Bengaluru, India, for Rs 3.7 billion, as per a statement. The Grade A office space is spread over 533000 sq ft and is close to the city’s IT corridor on Outer Ring Road. The company said that the ticket size for the entire deal was about Rs 70 billion of which the first round has been closed. The balance will be invested within six months, it added. The deal was closed at a rental yield of 10 per cent with a seven-year lock-in period.
Currently, the asset is part of a larger campus that also has several US multinational companies as occupiers, Kunal Moktan, CEO and co-founder, Property Share, said. “The Prestige Tech Park acquisition is part of this longer-term strategy of building a high-quality portfolio of office assets at above-market rental yields and long lock-in periods. The seller is an AI-based service provider, [24]7.ai,” Moktan added. Prestige Group has clarified that the company was not part of the last transaction.
The current acquisition will increase Property Share's total value of properties listed and invested to Rs 13 billion. The company plans to expand its commercial portfolio to Rs 60-70 billion within two to three years. Property Share plans to increase the value of properties listed on the platform to Rs 25-30 billion in the next year, he added.
Currently, the company allows ordinary users access to institutional-grade assets with 8-10 per cent in-place rental yields and 17-20 per cent returns. Last year, Property Share raised Rs 3.5 billion in a Series B round from VC funds led by West Bridge Capital with participation from existing investors Pravega Ventures.
