Strata Property Management, a tech-enabled real estate investment platform, said it has raised Rs 76 crore for an office asset situated in Mumbai Metropolitan Region (MMR) sprawling 39,000 square feet.
The funding is Phase II of the company's 21st asset valued at Rs 170 crores, it said in a statement.
The MMR property will provide investors with a gross entry yield of 9.1 percent and a targeted internal rate of return (IRR) of 12.7 percent.
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"It (the asset) is expected to double the return during the total investment tenure, including rental yield and capital appreciation. It has been pre-leased for 6.5 years and has a tenant lock-in period of 5.5 years," Strata Property Management said.
With this asset, Strata is expected to cross an asset under management (AUM) of Rs 900 crore in 2023.
"With adding an AUM of Rs 1 crore every day in 2022, in the new year, we aim to bring in more assets across high-demand sectors like warehousing, hospitals, and data centres making Strata one of the leading alternative investment platforms offering fractional ownership into CRE. We aim to reach an AUM of (Rs) 1100-1200 crores by the end of this fiscal," Sudarshan Lodha, Cofounder & CEO, Strata Property Management, said.
To date, the company has launched multiple premium assets across Mumbai, Bengaluru, Chennai, Hosur, Jaipur, Hyderabad, Pune, etc. Strata is backed by institutional investors like Kotak Investment Advisors, Gruhas Proptech, Sabre Investments Elevation Capital, Mayfield and PropStack.
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