Strata launch new grade-A office asset opportunity in Chennai; aims to raise INR 27 crore from investors
Strata, India’s leading tech-enabled commercial real estate (CRE) investment platform, today announced the launch of its 17th commercial asset, a plush, Grade-A office property in Chennai. Leased out to a leading US-based technology company, Strata aims to raise Rs. 27 crores for the asset which is expected to offer a gross entry yield of 9.1%.
Situated in one of the most strategic locations of Perungudi in Chennai, the office asset spans an area of approx. 35000 sq. ft. and has been pre-leased for a period of 5 years with a lock-in period of 3 years. Additionally, the asset is expected to generate a net investor annual internal rate of return (IRR) of 12.9%, thus creating a rewarding and stable asset opportunity offering inflation-beating returns while generating passive income in the long term.
Popularly known as the IT corridor of Chennai, Perungudi is now gaining popularity as one of the most preferred residential areas too. Owing to its location on the IT highway and proximity to other key neighborhoods in Chennai such as Thiruvanmiyur, Adyar, and Velachery, it serves as one of the most archetypal locations for a premium commercial asset.
Commenting on the launch, Sudarshan Lodha, Cofounder & CEO, Strata Property Management, said, “After raising a record-breaking fund of INR 38 crore in 38 hours for our entry asset in Pune, we are much enthusiastic to return to our special market Chennai, with a brand new office asset. Primarily dominated by the IT, engineering, and manufacturing sectors, Chennai has been witnessing strong leasing activity through the first two quarters of 2022 which clearly indicates a full recovery from the pandemic. With continued demand momentum across IT and manufacturing sectors, the commercial property market in Chennai is witnessing immense traction and therefore our asset launch comes in at a very strategic time.”
“Since Strata’s launch in 2019, we have come a long way in building a robust portfolio of assets worth INR 700+ crore across strategic locations in the country. We are extremely thrilled to return back to the ever-growing market of Chennai for the launch of our 17th asset which further strengthens our presence in South India. With a premium tenant, location as prominent as Perungudi combined with Strata’s unparalleled tech and management expertise, our latest offering is a highly lucrative investment opportunity in Chennai” he added.
After funding 16 assets across the country, Strata’s return to Chennai with its second asset in the city comes in at a strategic time when the city is witnessing a strong revival post the pandemic. The company, today has over 700+ crore worth of Assets under Management (AUM) with a total of 2.8 million sq ft managed across cities such as Bengaluru, Hosur, Hyderabad, Mumbai, Pune, Jaipur, etc.
Strata have been relentlessly working towards democratizing commercial real estate as an asset class in the country. The company has an investor base of over 35k+ comprising of over 2000 active investors.
Strata envision to be the largest alternative investment platform in the country for retail investors by enabling them to invest in CRE assets, democratizing assets, and offering them an easy-to-use online platform. Through its tech-enabled platform, Strata empowers retail investors across the globe to invest in specific commercial properties in a particular location of their choice whilst offering good yields. Strata is backed by institutional investors like Kotak Investment Advisors, Gruhas Proptech, Sabre Investments Elevation Capital, Mayfield, and PropStack.