Property Share has completed the acquisition of Phase I of Prestige Tech Platina, a c. 533,000 sf Grade A asset in Bangalore for Rs. 370 crores. This is the largest property listed on the platform to date and cements Property Share’s position as the largest tech-enabled commercial property investment platform in the country with the total value of properties listed and funded increasing to c. Rs. 1,300 crores.
Located on Outer Ring Road in Bangalore, Prestige Tech Platina has been leased to a prominent US-based technology company. The deal was closed at a remarkable rental yield of 10.0% (including 1% enhanced yield) with a 7-year lock-in period. This acquisition was in-line with the platform’s strategy of listing high quality assets with long leases in locations with low vacancy and high rent growth. Developed by The Prestige Group, the asset is part of a larger campus that also has US multinationals JP Morgan and Adobe as occupiers.
ommenting on the acquisition, Kunal Moktan, CEO and Co-founder, Property Share, said, "Historically, purchasing high quality rent yielding assets in periods of high inflation and high interest rates have led to oversized returns for opportunistic investors. At Property Share, our strategy has been to patiently wait and watch for investment opportunities that become available in the current economic environment that provides both steady returns and capital growth for our investors. 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. We believe this is the right time to pursue high-yield Class A assets in the large technology hubs of India and plan to roll out new offerings with similar return characteristics to our users aggressively over the next 6-12 months.”
Hashim Khan, CTO & Co-founder, Property Share said, “We are thrilled to announce our acquisition of Prestige Tech Platina, which is a significant milestone for Property Share in several ways. Most importantly, the transaction marks Property Share’s entry into the institutional investment landscape in India which has thus far been dominated by large multinational private equity funds. Going forward, we are targeting to close similar larger institutional assets where we believe our platform is superior to larger players in pricing, speed and certainty of closure.”
Property Share plans to increase the value of properties listed on the platform to INR 2,500-3,000 crores in the next one year.
