Myre Capital to invest in realty assets
Myre Capital, a company that allows real estate investment through fractional ownership, stated on Monday that it will raise Rs 500 crore to invest in commercial real estate assets across the country from July.
According to an official statement, the Rs 500-crore Alternate Investment Fund (AIF) would be the first of its neo-realty investment funds, and will seek funds from high-net-worth individuals, family offices, retail investors, and institutional investors.
The company, a Morphogenesis venture that claims to provide easy access, transparency, and liquidity to a curated selection of rent-yielding commercial real estate assets, also announced that it has registered over 30,000 investors and has over Rs 175 crore in assets under management in just 12 months.
According to the announcement, the proposed AIF will invest in top-grade completed commercial real estate rented out by blue-chip tenants for lengthy leases, as well as some under-construction properties, with monthly rental income of 8-10% and capital appreciation expected from the fund’s assets. The fund will aim for a total internal rate of return of more than 20%.
“Our goal for the coming year is to grow at a 5X rate.” Despite the three pandemic-induced lockdowns, we have maintained a 100% rental collection and distribution rate to investors, as well as a 0% portfolio vacancy rate,” said Aryaman Vir, the company’s founder and CEO.
According to Vir, there has been a considerable upsurge in commercial real estate activity, driven by pent-up demand over the last two years, resulting in unprecedented leasing in major commercial centres.
According to the corporate statement, while high net worth investors and institutions previously preferred fractional investments, there has been exceptional demand from family offices and retail investors looking to diversify their portfolios and fight inflation.
According to the statement, it is seeing demand from high-paid professionals, NRIs, entrepreneurs, lawyers, and chartered accountants.
After launching five properties in Bengaluru, Mumbai, and Pune, the company is considering establishing a local presence in Dubai, the United Kingdom, and Singapore to provide global real estate prospects, according to the statement.
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