News
hBits Forays in Pune, Acquires Grade A Commercial Property in Magarpatta
Pune, April 24, 2024: hBits, a leading fractional ownership platform, has marked its entry in Pune with the acquisition of the 44, 328 square feet campus – CyberCity, Magarpatta. The campus houses a commercial zone, a shopping mall, multiple restaurants, two schools, residential neighborhoods, a gymkhana and a 25-acre serene park. Through this asset, hBits aims to create an investment opportunity worth Rs 55 crore, thus democratizing access to Grade A commercial real estate for investors, says a press release issued by the company.
The agreement duration for Tenant 1 is 60 months and Tenant 2 is 108 months with a lock-in period of 36 months for both. The rental inflow and purchase price of the asset offers a gross entry yield of 9% and an expected internal rate of return of 15.15%. The property is part of 450 acres gated township with Grade A tenants with US listed multinational giants namely Amdocs and AirProducts.
hBits Founder & CEO, Shiv Parekh said “Over the years, Pune has emerged as a thriving hub for IT and IT enabled services industry, besides being home to manufacturing and education companies. The city is a preferred destination for MNCs as well as leading startups. Magarpatta City is a strategic location due to its proximity to hospitals, malls and residential neighborhoods. As Pune’s commercial landscape flourishes, we are confident that the launch of our new asset will create significant investment opportunities for investors.”
With this acquisition, the total Assets Under Management (AUM) of hBits is approximately INR 365 crores, highlighting the company’s commitment to achieving an AUM of INR 1,000 crore by the end of FY25.
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