hBits Leases Out 37,362 Sq Ft Office Space in Thane to Multinational Firm
hBits, a fractional ownership platform, has leased out 37,362 sq ft of office space in the Ashar IT Park at Wagle Estate. The grade A commercial asset, valued at Rs 54.66 crore, is leased to a French-listed multinational company.
HbitsOffice SpaceThaneWagle EstateCommercial Real EstateReal Estate MumbaiNov 18, 2024
The asset is highly attractive, offering an entry yield of 8.75% and an expected internal rate of return (IRR) of 15.16% over a five-year holding period. The return multiple is projected to be an average of 1.81x. The entire building has a leasable area of about 1.1 million sq ft, making it a significant commercial property in the region.
hBits, known for its innovative fractional ownership models, is providing investors with a unique opportunity to benefit from high-quality commercial real estate without the usual financial burden. The company's strategy focuses on acquiring and managing prime assets in key locations, ensuring stable returns and long-term growth.
The Ashar IT Park, located in Wagle Estate, is a prominent business district in Thane, known for its modern infrastructure and strategic location. It is home to numerous IT companies and multinational corporations, making it an attractive destination for businesses looking to establish a presence in the Mumbai metropolitan area.
Wagle Estate, an integral part of the Mumbai-Thane industrial corridor, has been rapidly developing over the years, transforming into a bustling commercial hub. The area is well-connected to major highways and transportation networks, offering easy access to other key areas in Mumbai and Thane.
hBits' leasing of this space underscores the growing demand for quality office spaces in the region, driven by the increasing number of tech and multinational companies setting up operations in Wagle Estate. This move is expected to boost the local real estate market and attract more investments in the area.
Frequently Asked Questions
What is hBits?
hBits is a fractional ownership platform that allows investors to own a portion of high-quality commercial real estate assets. The company focuses on acquiring and managing prime properties in strategic locations, offering stable returns and long-term growth opportunities.
Where is the leased office space located?
The leased office space is located in the Ashar IT Park at Wagle Estate in Thane, Maharashtra. Wagle Estate is a prominent business district known for its modern infrastructure and strategic location.
What is the value of the leased commercial asset?
The grade A commercial asset is valued at Rs 54.66 crore, based on the rental rate as per the signed agreement with the tenant.
What are the expected financial returns from the asset?
The asset offers an entry yield of 8.75%, an expected internal rate of return (IRR) of 15.16% over a five-year holding period, and a return multiple of 1.81x on average.
Why is Wagle Estate an attractive location for office spaces?
Wagle Estate is an attractive location for office spaces due to its modern infrastructure, strategic location, and easy access to major highways and transportation networks. It is home to numerous IT companies and multinational corporations, making it a vibrant commercial hub in the Mumbai-Thane industrial corridor.
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