hBits announces Rs 54.66 cr Grade A investment in MMR's growing BFSI demand

Mumbai-based fractional ownership platform hBits today announced the launch of its new asset in the Mumbai Metropolitan Region (MMR). The latest Grade A investment opportunity amounts to Rs 54.66 crore.

 

hBits' latest Grade A commercial asset is located at Ashar IT Park, Wagle Estate, Thane. This addition reflects hBits' ongoing commitment to providing high-quality real estate investment opportunities. It marks the 16th property in hBits’ expanding investment portfolio, taking the total assets under management (AUM) to about Rs 500 crore.

 

As per sources, the new tenant in the IT park is Teleperformance. It is an Euronext Paris-listed company that specialises in customer experience management. A query was sent by Business Standard, but the company did not respond.

 

 

The newly launched asset offers an entry yield of 8.75 per cent and an expected internal rate of return (IRR) of 15.16 per cent. It is fully leased to the France-listed multinational with over €10 billion in revenue (nearly Rs 89,000 crore).

 

The building spans 1.1 million square feet, with the majority occupied by the French tech giant. Key tenants in the area include Raymond, Cipla, and DHL, contributing to a strong tenant base within Wagle Estate. The location benefits from easy access to the Eastern Express Highway, Thane Railway Station, and the soon-to-open Wagle Circle Metro Station, promising strong long-term growth potential.

 

"The BFSI sector, especially fintech, is thriving in the country, accelerating the demand for commercial real estate across key metros. A recent report indicates that Mumbai accounts for approximately 44 per cent of the total space occupied by domestic financial organisations. India’s leading office rentals have also witnessed an annual increase of about 4-8 per cent,” said Shiv Parekh, founder and chief executive officer, hBits.

 

“Our new asset is a testimony to our strategy of acquiring properties in premium locations to offer lucrative investment opportunities to our investors. As we continue our journey of expanding our portfolio and listing our very first SME REIT, following our recent application to Sebi, we are happy to be launching this project in Thane, catering to the growing demand for Grade A commercial spaces,” added Parekh.