Property Share has completed the acquisition of Phase I of Prestige Tech Platina, a c. 533,000 square feet Grade A asset in Bangalore, for Rs 370 crores. This is the largest property listed on the platform to date, cementing the company’s position as a leading tech-enabled commercial property investment platform in the country, with the total value of properties listed and funded increasing to Rs 1,300 crores.
Located on Outer Ring Road in Bangalore, Prestige Tech Platina is leased to a US-based technology company. The deal was closed at a rental yield of 10.0% with a seven-year lock-in period. This acquisition aligned 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 with US multinationals JP Morgan and Adobe as occupiers.
Commenting on the acquisition, Kunal Moktan, CEO and co-founder of Property Share, said, “Historically, purchasing high-quality rent-yielding assets in periods of high inflation and high-interest rates have led to oversized returns for opportunistic investors. At Property Share, our strategy has been to patiently wait and watch for investment opportunities in the current economic environment that provides both steady returns and capital growth for our investors.”
He added that the Prestige Tech Park acquisition is part of this longer-term strategy of building a high-quality portfolio of office assets at above-market rental yields and long lock-in periods. “We believe this is the right time to pursue high-yield Class A assets in the large technology hubs of India and plan to roll out new offerings with similar return characteristics to our users aggressively over the next six to 12 months,” Moktan added.
Hashim Khan, CTO and co-founder of Property Share, shared his delight with the acquisition of Prestige Tech Platina, which he termed a significant milestone for Property Share. “Most importantly, the transaction marks Property Share’s entry into the institutional investment landscape in India which large multinational private equity funds have thus far dominated. In the future, we are targeting to close similar larger institutional assets where we believe our platform is superior to larger players in pricing, speed and certainty of closure,” he affirmed. Property Share plans to increase the value of properties listed on the platform from Rs 2,500 crore to Rs 3,000 crore next year.
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