[ad_1]
New Delhi: Level Property Management (Strata) has raised Rs 27 crore for Phase-II of its Grade-A office property Seawoods-Grand Central Located in Seawoods Darway, Navi Mumbai, With this, the company facilitated raising Rs 76 crore from around 250 investors including Phase-I and II.
The second phase property is spread over 39,000 sq ft and is priced at Rs 53 crore. With this asset, the company claims to cross Rs 900 crore asset-under-management (AUM) in 2023.
The property will provide a gross penetration yield of 9.1% and a target internal rate of return (IRR) of 12.7%. It is pre-leased for a period of 6.5 years and has a lock in tenant for a period of 5.5 years.
Sudarshan LodhaCo-Founder & CEO of the company said, “This 21st property is expected to generate 2X return on investment for investors. With 2022 adding INR 1 crore AUM every day, we aim to bring more in the new year ” Property in high demand sectors such as warehousing, hospitals, data centres. We aim to reach an AUM of Rs 1,100 – 1,200 crore by the end of this financial year.
The company had earlier raised Rs 48 crore for the first tranche of assets. Spread over 36,000 sq ft, the property is priced at Rs 49 crore.
The total property value of the four phases is Rs 170 crore. The company said the entire asset is expected to be fully funded by mid-February.
Strata is backed by institutional investors such as Kotak Investment Advisors, Gruhas Proptech, Saber Investments, Elevation Capital, Mayfield and PropStack.
[ad_2]
Source link