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Property Share has accomplished a remarkable feat with the successful acquisition of Phase I of Prestige Tech Platina, an awe-inspiring Grade A property spanning an impressive 533,000 square feet in the dynamic city of Bangalore. Valued at an astounding Rs 370 crore, this acquisition stands as the platform's largest property to date, solidifying Property Share's unrivalled position as the leading tech-enabled commercial property investment platform in the nation. With a cumulative value of listed and funded properties reaching approximately Rs 1,300 crore, Property Share continues to reshape the real estate investment landscape.
Nestled along the prestigious Outer Ring Road in Bangalore, Prestige Tech Platina proudly hosts a prestigious tenant—a prominent technology giant based in the United States. This extraordinary deal was struck at an enticing rental yield of 10 percent, which includes a remarkably enhanced yield of 1 percent and comes with a secure seven-year lock-in period. The strategic acquisition perfectly aligns with Property Share's vision of featuring premium assets with long-term leases in highly sought-after locations boasting low vacancy rates and robust rent growth. Envisioned and crafted by the esteemed Prestige Group, this extraordinary property stands as a captivating centrepiece within a sprawling campus that plays host to industry giants like JP Morgan and Adobe.
Kunal Moktan, the visionary CEO and Co-founder of Property Share shared his insights on the acquisition, stating that throughout history, astute investors who seize opportunities during periods of high inflation and interest rates have reaped remarkable returns. At Property Share, our strategic approach involves carefully monitoring the economic climate to capitalize on investment opportunities that provide our investors with stable returns and capital appreciation. The acquisition of Prestige Tech Park perfectly aligns with our long-term strategy of curating an exceptional portfolio of premium office assets that offer above-market rental yields and extended lock-in periods. We firmly believe that now is the ideal time to pursue high-yield Class A assets in India's thriving technology hubs.
In the upcoming months, we are excited to introduce innovative offerings with comparable return profiles to our esteemed user base. Hashim Khan, the accomplished CTO and Co-founder of Property Share, expressed his enthusiasm about the acquisition, stating that we are thrilled to announce the acquisition of Prestige Tech Platina, marking a significant milestone for Property Share on multiple fronts. Notably, this transaction signifies our entry into India's institutional investment landscape, traditionally dominated by large multinational private equity funds. Going forward, we aim to secure more institutional-grade assets where our platform outshines larger players in terms of pricing, agility, and certainty of closure.
With an unwavering commitment to growth, Property Share strives to raise the total value of properties listed on its platform to an impressive range of Rs 2,500–3,000 crore within the next year. As Property Share continues to revolutionize the commercial property investment landscape, its dedication to innovation and delivering exceptional opportunities to investors remains unyielding.
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