Strata, one of India’s largest commercial real estate investment platform, has acquired the 11-storey tower Cafe Coffee Day Square at Bengaluru’s premium Vittal Mallya Road for over Rs 150 crore.
The Cafe Coffee Day Square has a total built-up area of over 100,000 sq ft, and each floor measures approximately 9,000 sq. ft, according to a registered document shared by Propstack, a data analytic firm.
With this property, Strata’s Karnataka asset transaction value crosses Rs 410 crore.
“This acquisition marks not just the addition of a remarkable structure to our portfolio but a significant step towards our unwavering commitment to build and manage superior assets and deliver promising returns to our Investors,” said Sudarshan Lodha, cofounder and CEO of Strata.
The CCD Square Property is Strata’s 7th asset in Bengaluru that houses corporate headquarter of the latter and its flagship store. “CCD will continue to operate the store from the ground floor and pay rent of the occupied space,” said people aware of the arrangement.
Following the death of VG Siddhartha, the founder of Coffee Day Enterprises, the company has encountered several financial difficulties. Siddhartha committed suicide in 2019 while the company was drowning in debt.
Coffee Day Global is a subsidiary of Coffee Day Enterprises, which owns 82% of it. The firm has taken several measures to control its debt and turn the company profitable. In 2020, Blackstone and Salarpuria Sattva jointly bought a 3.3 mn sq ft office park owned by Coffee Day Enterprises in a deal valued around Rs 2500 crore and had closed loss making stores.
Separately, the tech-enabled platform Strata has over 100,000 members worldwide, including over 3000 investors. It has 34 assets under its portfolio across India, with AUM spanning over 3.7 million sq. ft. Some of Strata’s marquee properties include premium office spaces across Navi Mumbai, Pune, and Hyderabad.
The company’s investor base comprises NRIs, HNIs, family offices, top management from Fortune 500 companies, UHNIs, and institutional investors, contributing to Strata’s global appeal and success in the commercial real estate investment landscape.
With more than Rs 1500 crore in AUM, over 100,000 members, and 3000 investors, it is India’s leading platform for fractional ownership in commercial real estate. It is funded by marquee investors, Kotak Investment Advisors, Gruhas Proptech, Elevation Capital, Mayfield India, and others.
Source: Economic Times