Fractional ownership platform hBits is looking to raise over Rs 55 crores for a pre-leased commercial asset it has acquired in Pune marking its foray in the second largest city in Maharashtra.
The property is leased to two tenants with agreement duration for 60 months and 108 months, respectively, with a lock-in period of 36 months for both.
The company has acquired a 44, 328 sq ft property in CyberCity Magarpatta that houses a commercial zone, a shopping mall, multiple restaurants, two schools, residential neighborhoods, a gymkhana as well as a large 25-acre park.
“Over the years, Pune has emerged as a thriving hub for the IT and IT enabled services industry, besides being home to manufacturing and education companies. The city is a preferred destination for MNCs as well as leading startups. Magarpatta City is a strategic location due to its proximity to hospitals, malls, and residential neighborhoods,” said Shiv Parekh, Founder & CEO, hBits.
The property has a gross entry yield of 9% and an expected internal rate of return of 15.15% based on the inflow and purchase price of the asset. It is part of 450 acres gated township with Grade A tenants with US listed multinational giants namely Amdocs and AirProducts.
Founded in 2018, hBits group has assets under management (AUM) of around Rs 365 crore from their 10 existing properties. Additionally, it has garnered more than 90,000 registered users and has achieved a successful exit from a commercial property yielding an IRR of 17.54%.