hBits Launches Rs 54.66 Crore Grade A Investment in MMR's Thriving BFSI Sector
Mumbai-based fractional ownership platform hBits has announced a new Grade A commercial asset in the Mumbai Metropolitan Region (MMR), reinforcing its commitment to high-quality real estate investments.
HbitsGrade A InvestmentMmrWagle EstateBfsi SectorReal Estate MumbaiNov 18, 2024
This is the 16th property in hBits' expanding investment portfolio, bringing the total assets under management (AUM) to approximately Rs 500 crore. According to sources, the new tenant in the IT park is Teleperformance, a leading company listed on Euronext Paris and specializing in customer experience management. Despite a query from Business Standard, Teleperformance did not respond to the inquiry.
The newly launched asset offers an attractive entry yield of 8.75% and an expected internal rate of return (IRR) of 15.16%. The building, which spans 1.1 million square feet, is fully leased to the France-listed multinational with an annual revenue of over €10 billion (nearly Rs 89,000 crore).
Wagle Estate, a prominent business hub, is home to key tenants such as Raymond, Cipla, and DHL, contributing to a robust and diverse tenant base. The asset's strategic location benefits from easy access to major transportation routes, including the Eastern Express Highway, Thane Railway Station, and the upcoming Wagle Circle Metro Station, ensuring strong long-term growth potential.
Shiv Parekh, founder and CEO of hBits, highlighted the thriving BFSI sector, particularly fintech, which is driving demand for commercial real estate in key metros. 'A recent report indicates that Mumbai accounts for about 44% of the total space occupied by domestic financial organizations. Leading office rentals in India have seen an annual increase of 4-8%,' Parekh noted.
He added, 'Our new asset is a testament to our strategy of acquiring properties in prime locations to offer lucrative investment opportunities to our investors. As we continue to expand our portfolio and pursue our first SME REIT listing with Sebi, we are thrilled to launch this project in Thane, addressing the growing demand for Grade A commercial spaces.'
hBits' latest investment not only aligns with the current market trends but also sets a strong foundation for future growth and stability in the BFSI sector.
Frequently Asked Questions
What is hBits?
hBits is a Mumbai-based fractional ownership platform that focuses on providing high-quality real estate investment opportunities to its investors. It has a growing portfolio of properties across the Mumbai Metropolitan Region (MMR).
What is the value of the new Grade A commercial asset launched by hBits?
The new Grade A commercial asset launched by hBits is valued at Rs 54.66 crore.
Where is the new asset located?
The new asset is located at Ashar IT Park in Wagle Estate, Thane, in the Mumbai Metropolitan Region (MMR).
What is the expected internal rate of return (IRR) for the new asset?
The expected internal rate of return (IRR) for the new asset is 15.16%.
Who is the main tenant in the new commercial asset?
The main tenant in the new commercial asset is Teleperformance, a France-listed multinational company specializing in customer experience management.
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