PRIMECO TOWERS

  • 12.6%

    GROSS TARGET IRR

  • 10.5%

    TARGET YIELD

  • 2.08X

    TARGET EQUITY MULTIPLE

  • Property type
    GRD-A Office Space
  • Investment Type
    5-8 Years
  • Location
    Bannerghatta, BLR
  • Est. 1st Distribution
    11/2021
  • Minimum Investment
    25 Lakhs

INVESTMENT OVERVIEW

PRIMECO Towers is a mixed use Grade A+ development with prime offices, retail and Hyatt Hotel. It hosts some major players like Paychex, BIAS, Huron, Neustar, Central mall etc. Its intimidating glass-clad building is equipped with three level basement car parking, a grand entrance lobby and podium with vibrant spaces.

  • LOCATION

    Located on main Bannerghatta road,. property has three side road access. It is located on the metro corridor, with walkable distance to metro station.

  • MARKET

    Bannerghatta road is a well established IT office space market with many IT major having offices in the vicinity. It has seen good demand for office space very very low vacancy levels.

  • VALUE-ADD

    Brand new building with very high specs. It is the only mixed-use development on Bannerghatta road. This property hosts many Global Development Centers of fortune 500 companies.

property

TENANTS DETAILS

VA, USA Headquartered

Founded in1996, having Customers base of 8,000+

US $700+ Million in Revenue

Listed on NYSE with a market cap of about of $1.8 billion

LEASE DETAILS

  • Lease Area
    34,276 sft.
  • Car Parking
    45
  • Rent Commencement
    Sep, 2020
  • Monthly Rent
    Rs. 115/sft.
  • Lease Term
    9 Years
  • Lock-in Period
    5.5 Years
  • Security Deposit
    4.36 Cr
  • Rent Escalation
    5% per year

FINANCIALS

PROJECTED YIELD

A projected investment of Rs. 25,00,000 will see an estimated return of Rs. 17,313 per month in year 1 and Rs. 21,174 per month in 5th year.

NET INCOME IN HANDS OF INVESTORS PER MONTH IN EACH YEAR (INR)

Investment amount Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
25,00,000 17,312 18,209 19,149 20,137 21,174 21,887 23,012 24,193
50,00,000 34,625 36,417 38,299 40,275 42,349 43,774 46,024 48,386
75,00,000 51,938 54,626 57,448 60,412 63,523 65,661 69,036 72,578
100,00,000 69,251 72,835 76,598 80,549 84,698 87, 549 92, 047 96,771

COSTING DETAILS

Particulars Amount [INR] Details
Total office area to be purchased 34,276 sft. with 45 car parking 75% carpet area efficiency
Purchase price 50,00,00,000 INR 14,587 per sft.
Add: Stamp duty 2,85,00,000 5.70% of Purchase price
Add: Registration charges 50,00,000 1.00% of Purchase price
Add: Property acquisition fee 1,50,00,000 3.00% of Purchase price
Add: Legal fee 10,00,000 As per estimation
Add: Reserves 25,00,000 Contigencies: 0.50% of Purchase price
Total Purchase price 55,20,00,000
10.5%

GROSS YIELD

Grade A+

TENANT

5.5 Year

LOCK-IN

Low Risk

COVID-LED VACANCY

Excellent

LOCATION

WHY INVEST IN THIS PROJECT

  • Lease start date is post-covid, September 2020
  • New Asset, Part of larger development neighbouring 5-start hotel (Hyatt)
  • US based Grade-A Technology Tenant
  • Tenant is locked-in for 5.50 year out of total term of 9 year
  • Tenant has been paying rentals timely and regularly
  • Walking distance to upcoming Metro
  • High going-in yield for Grade-A + asset in Banglore
  • Buying rate comparable to premium residential rate in the close proximity
  • Excellent location with goog connectivity via road and metro

DOCUMENTS

  • Download Information Memorandum
  • Download Project’s Title Report
  • Download Project’s Projection Report
  • Download Lease Details

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