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hBits Enters Bengaluru, Acquires Grade A Commercial Property in CBD  

Bengaluru, February 26, 2024: Fractional ownership platform, hBits, on Monday announced its entry in Bengaluru with the acquisition of the 24,816 square feet commercial building Vaswani Centropolis. Through this asset, hBits aims to create an investment opportunity worth Rs 54.72 crore for investors, mentions a press release issued by the company. 

The lease duration will be 30 + 30 months and with a tenant lock-in period of 24 months. The purchase price of the asset translates to a gross entry yield of 9% with an expected internal rate of return of 15.6%. The commercial asset has a Japanese auto giant as its tenant since 2011. 

With this acquisition, the total Assets Under Management (AUM) of hBits is approximately Rs 310 crores. 

hBits Founder & CEO, Shiv Parekh said “Bengaluru is among the most preferred choice among NRIs looking to invest in real estate in India. The city is home to MNCs and tech giants and is fast emerging as a promising commercial location. We are excited to add Vaswani Centropolis to our portfolio, as this also marks the launch of our first asset in the city. We remain committed to offering accessibility to premium, high-quality commercial properties to our investors, ensuring promising returns. The structure is centrally located and has a robust tenant base and we are confident that this will be a great opportunity for investors.”