Property Share facilitates acquisition of Rs 370 cr leased office assets

Property Share, which runs a platform for fractional ownership of real estate, has facilitated investors in acquisition of 5.33 lakh square feet of rented office space in Bengaluru for Rs 370 crore. Property Share, in a statement, said that it has "facilitated the acquisition of Phase I of Prestige Tech Platina, a 5,33,000 square feet Grade A asset in Bengaluru for Rs 370 crore." The minimum investment size was Rs 25 lakh for investors. More than 500 investors participated for acquisition of this asset under fractional ownership model. Established in 2016, Property Share is a technology driven real estate investment platform that allows ordinary users access to institutional grade assets with 8-10 per cent in-place rental yields and 17-20 per cent returns. The office space has been leased to a prominent US-based technology company. Property Share said the deal was closed at a rental yield of 10 per cent (including 1 per cent enhanced yield) with a 7-year lock-in period. This ...

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