Strata raises Rs 27 crore for phase-II of its office asset in Navi Mumbai
NEW DELHI: Strata Property Management (Strata) has raised Rs 27 crore for phase-II of its Grade-A office asset i.e. Seawoods-Grand Central situated in Seawoods Darave, Navi Mumbai. With this, the company facilitated about 250 investors to raise Rs 76 crore including phase-I & II.
Phase-II property is spread over 39,000 sq ft and is valued at Rs 53 crore. With this asset, the company claims to cross an assets-under-management (AUM) of Rs 900 crore in 2023.
The property will provide a gross entry yield of 9.1% and a targeted Internal Rate of Return (IRR) of 12.7%. It has been pre-leased for a period of 6.5 years and has a tenant lock in period of 5.5 years.
Sudarshan Lodha, co-founder & CEO of the company said, “This 21st asset is expected to generate 2X return on investment for investors. With adding an AUM of Rs 1 crore every day in 2022, in the new year, we aim to bring in more assets across high demand sectors like warehousing, hospitals, data centres. We aim to reach an AUM of Rs 1,100 – 1,200 crore by the end of this fiscal.”
The company previously raised Rs 48 crore for phase-I of the asset. The property spread across 36,000 sq ft is valued at Rs 49 crore.
The total asset is valued at Rs 170 crore having four phases. The entire asset is expected to be completely funded by mid-February, the company said.
Strata is backed by institutional investors like Kotak Investment Advisors, Gruhas Proptech, Sabre Investments Elevation Capital, Mayfield and PropStack.