Myre Capital, a subsidiary of Morphogenesis Reality, launched a lease-contract discounting investment vertical on Thursday to provide alternative real estate investment opportunities. By the end of FY23, the neo-realty investment platform hopes to have scaled the new vertical to Rs 350 crore.
This vertical’s product will enable investors to invest in opportunities that provide capital to managed leasing players secured by collateral and lease rental receivables from blue chip sub-tenants.
The exchange of money between the tenant who rents the property from the borrower and the lending institution is known as lease rental discounting. As security for the loan, the owner pledges the lease’s monthly rent receipts. In addition, the lender evaluates the borrower’s long-term cash flow before approving an LRD-based loan for the specified amount.
The minimum investment is Rs 15 lakh, and Myre is aiming for a 13 percent internal rate of return (IRR).
Myre will start selling the new investment product offline.
In June, Myre Capital said it raised Rs 50 crore through its offering of the township
Myre Capital announced in June that it had raised Rs 50 crore through the sale of the Pune township Magarpatta Cybercity. It announced in April that it would launch a Rs 500 crore ($65.5 million) real estate alternative investment fund (AIF) in response to rising demand for commercial real estate investment from HNIs, family offices, institutional and retail investors.
Myre closed its second commercial real estate offering with Vaishnavi Tech Park (VTP) in Bengaluru in October for Rs 70 crore.
Morphogenesis’ architecture firm has launched Myre Capital. It is a technology-enabled fractional ownership platform that provides access to commercial real estate assets that pay rent.
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