hBits launches Rs 288 million asset in Bengaluru
hBits has launched its second commercial grade A asset in Vaswani Centropolis, Bengaluru worth Rs 288 million. The asset spans across a leasable area of 12,776 sq ft and has been leased for a period of six years. The rental inflow and purchase price of the asset offers an entry yield of 8.75% and an expected internal rate of return of 15.12%. It aims to offer a five-year average rental yield of 8.55%. The company marked its first closure in Bengaluru by acquiring a grade A commercial asset in the same building, Vaswani Centropolis worth Rs 54.32 crore. With this new asset, the company has 15 properties in its portfolio, with an asset under management (AUM) of approximately Rs 4 billion. The new property marks hBits’ fourth asset launch this year, with previous properties in Bengaluru and Pune. Recently, the company applied for a small and medium REITs (SM REITs) license with the securities and exchange board of India (SEBI).
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