Assetmonk, an alternative real estate investment platform, has acquired around 90,000 sq ft of office space in Tidel Park, a commercial office property in Taramani, Chennai, valued at around Rs 89 crore.
The acquired floor in 1.2 mn sq ft IT park in Tidel Park hosts around 250 Fortune US conglomerates as its tenants, delivering an average rental yield exceeding 10.6%. The asset was bought from a Mumbai-based seller and is targeting an IRR of 16.5% over 5-6 years’ tenure.
“The inclusion of the exceptional commercial asset at Tidel Park to our portfolio is a deliberate move in our long-term strategy, aimed at identifying unique and high-potential investment opportunities for seasoned investors. This complements our existing base of retail investors spanning across different geographies and sectors,” said Prudhvi Reddy, Founder and Chief Operating Officer at Assetmonk.
This transaction holds a higher significance as Assetmonk launched an exclusive investment category, AM Select. The new investment category will meet the discerning requirements of High-Net-Worth Individuals (HNIs) and Ultra High Net Worth Individuals (UHNIs).
“We recognize the increasing demand for such opportunities, especially among forward-thinking individual investors who are re-evaluating their portfolios and seeking diversified options. In response to this evolving investor behaviour, we are actively pursuing similar investment opportunities to cater to their needs,” Reddy.
Assetmonk, a digital-first platform, curates high-quality real estate investment opportunities from India’s private growth markets, accessible to retail and upper retail investors. It aims at empowering portfolios with returns ranging from 12-18% across its categories of fractional and fixed-income products.
Assetmonk has around Rs 300 crore under management with a focus on structured investment products and commercial estate, including new-age asset classes like coliving and coworking. The firm has over 2.5 lakh sq assets across three cities Bengaluru, Chennai and Hyderabad.