Property Share facilitates acquisition of Rs 370 cr leased office assets

Property Share, which runs a platform for fractional ownership of real estate, has facilitated investors in acquisition of 5.33 lakh square feet of rented office space in Bengaluru for Rs 370 crore.

Property Share, in a statement, said that it has "facilitated the acquisition of Phase I of Prestige Tech Platina, a 5,33,000 square feet Grade A asset in Bengaluru for Rs 370 crore."

The minimum investment size was Rs 25 lakh for investors. More than 500 investors participated for acquisition of this asset under fractional ownership model.

Established in 2016, Property Share is a technology driven real estate investment platform that allows ordinary users access to institutional grade assets with 8-10 per cent in-place rental yields and 17-20 per cent returns.

The office space has been leased to a prominent US-based technology company.

Property Share said the deal was closed at a rental yield of 10 per cent (including 1 per cent 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 multi-nationals JP Morgan and Adobe as occupiers," the statement said.

The company has so far facilitated acquisition of properties worth Rs 1,300 crore. It plans to increase the value of properties listed on the platform to Rs 2,500-3,000 crore in the next one year, the statement said.