It received investment from active non-resident Indians and was oversubscribed by 30%. Vaishnavi Tech Park (VTP) is strategically located at the junction of Outer Ring Road (ORR) and Sarjapur Micro Market.
ORR is the largest IT hub in Bangalore while Sarjapur micro market has 0% vacancy. These micro markets are home to some of the most prominent MNC tenants including LinkedIn, Deloitte, Microsoft, Accenture, HCL, Tata and Wipro.
“With favorable micro markets, investors have shown 100% commitment as MYRE Capital has been able to provide a unique opportunity outside the market. Bengaluru has always been one of the best cities for commercial real estate investment,” said Aryaman Vir, MYRE Capital founder and CEO.
The investor profile consisted of senior executives and CXOs from firms such as Goldman Sachs, Deloitte, Amazon and Intel.
MYRE Capital is also gearing up to launch India’s first neo-real estate alternative investment fund to cater to the growing demand for A-grade assets in commercial real estate.
“We have also increased investor interest in investing in overseas CRE opportunities. We are in talks with an international platform to provide a diverse global selection of real estate investment opportunities for Indian investors,” Vir said.
MYRE Capital has already crossed Rs 200 crores asset under management and aims to cross Rs 350 crores by the end of FY22.
Bengaluru, the IT/ITES capital of the world, has witnessed a steady increase in demand from MNCs and has been able to sustain market growth while maintaining job vacancies in single digits.