This investment memo summarizes a warehousing opportunity with Strata Avigna in Hosur, India. The opportunity involves acquiring a 254,931 square foot warehouse built for logistics company Stellar Value Chain on an 8 acre plot. Key details include a 10.12% first year rental yield, 15 year lease with Stellar, and projected returns of 13.9% IRR and 3.8x capital appreciation over the investment period.

1. PRIVATE & CONFIDENTIAL
INVESTMENT MEMO
STRATA AVIGNA
WAREHOUSING
OPPORTUNITY - I
MAY 2020

2. /strataprop.com 1
Investment Highlights
First year Rental Yield
(for pre-booked investors)
10.12% 3.8X
Targeted Multiplier
9 years
Stellar Value Chain
15 years
Grade-A
Lock in Period
Tier-I Tenant
Lease Period
Asset Quality
2PRIVATE & CONFIDENTIAL

3. 2016
118
2017
138
2018
169
2019
211
2020
253
2021
296
2022
337
2023
379
Source: India’s warehousing Sector Review, JLL
Warehousing stock in India (in million sq!)
Warehousing - The next big
Opportunity in Indian Real Estate
While India only ranks 35 in the global logistics performance index, the sector has undergone significant changes over the past
decade. Aided by a growing economy, introduction of GST, and favourable government policies, warehouses have grown
increasingly in size, quality, and complexity.
of all
absorption in 2019
was in ‘Built-To-
Suit’ projects
35%
3PRIVATE & CONFIDENTIAL

4. Source: Savills India & JLL
What is Driving the Demand for
Logistics & Warehousing?
GST Streamlining
Corporate Tax reduction
Ease of doing business
Make in India
Growth of e-commerce
Draft National Logistics Policy
Electronics Manufacturing Clusters - Incentive policy
India becoming global supply chain hub
Growth Drivers
Sectoral Absorption Share
36 mn s!
Net Absorption | 2019
44%
24%
12%
6%
4%
10%
3PL
E-Commerce
Engineering
Retail
Automobile
Others
4PRIVATE & CONFIDENTIAL

5. COVID-19 -
A Game-Changer
for Warehousing
The COVID-19 pandemic has disrupted supply chains and
consumption patterns worldwide. While most sectors of the
economy are stressed, warehousing and logistics have been
resilient with little to no disruption. Sectors such as 3PL,
e-commerce, and FMCG are expected to recover in less
than six months.
Surge in warehousing demand
FMCG E-Commerce Pharma 3PL
Vacancies
fall from
9% to 4%
Increased demand,
stagnant supply
5PRIVATE & CONFIDENTIAL
Source: Savills India

6. Growth Drivers for Warehousing
Global supply chains
are diversifying away
from China to India
Greater acceptance
and penetration of
eCommerce
Every $1bn in
eCommerce sales,
requires 1-1.5Mn sq!
of warehousing
Significant increase
in institutional
investments
Faster shi! to 3rd
party logistics players
Companies are likely
to keep higher
inventory levels
Source: CBRE, Savills India, Knight Frank
6PRIVATE & CONFIDENTIAL

7. /strataprop.com 1
A Window of Opportunity
The current situation gives investors a window of opportunity to act before
asset values stabilize and the chance to make outsized gains diminishes. In
fact, China where the pandemic began, has already seen activity rebound to
pre-pandemic levels.
/strataprop.com
3 million sq!
of new warehousing
was signed in the
last few weeks
including deals by
Amazon and Flipkart
3000+ acres
are under various
stages of closing
Over $600 million
in institutional
investments are
underway
7PRIVATE & CONFIDENTIAL
Source: Savills India,
Money Control

8. Warehousing vs. Other Real Estate Assets
8PRIVATE & CONFIDENTIAL
Retail
Yields
Stability
Lease Tenure
COVID Impact
Offices Warehouses
5% - 7%
Medium
3-5 yrs
Short term
impact
5-10 yrs
Short to Mediun
impact
7% - 9%
High
9% - 11%
Very High
10-15 yrs
Negligible

9. -Blackstone
On Warehousing -
It’s still essentially the safest
commercial property type to invest in. ”
“
Source: Savills India
9PRIVATE & CONFIDENTIAL

10. 10PRIVATE & CONFIDENTIAL
Strata Avigna
Warehousing
Opportunity-I
Overview

11. 1
11PRIVATE & CONFIDENTIAL
Investment Overview
Hosur
Tata Consulting Engineering Stellar Value Chain
2,54,931 sq!
Location
Project Management Consultant Tenant
Asset Size
(35 km from Bengaluru)
The Strata Avigna Warehousing Opportunity is an offer to
invest in Avigna logistics & Industrial Park, a Grade-A,
built-to-suit warehousing park in Hosur. The asset
represents over 1 million sqft. of warehousing space with
Strata acquiring unit B3 (2,54,931 sqft).
The rental yield is 10.12%, the highest we have offered on
our platform.

12. The asset is located in the industrial town of Hosur next to a state highway. Both Bengaluru and Chennai are
easily accessible through National Highway 44. The asset can also be reached via air from Hosur Airport (5 Km)
and through rail from Hosur railway station (7 Km).
Location Overview
NH44
Towards Bangalore
12PRIVATE & CONFIDENTIAL
Hosur
Airport

13. 13PRIVATE & CONFIDENTIAL
Given its strategic location, there are several major manufacturing units and warehouses in the vicinity.
Prominent Tenants in the Vicinity

14. Avigna Logistics & Industrial Park spans 79 acres, and will
be built across two phases. The first phase comprises of
four Grade-A warehouses which together measure over
10,67,000 sqft.
Strata is acquiring warehouse B3 measuring 8 acres.
The tenant will occupy the facility by December 2020.
Asset Overview AVIGNA PHASE 1
Warehouse - B1
Warehouse - B2 Warehouse - B3
Warehouse - B4
14PRIVATE & CONFIDENTIAL

15. Warehouse B3 spans 2,54,931 sq.ft including a mezzanine floor and has 19 loading bays. The warehouse will be a
Pre-Engineered Building (PEB) built by Tata Consulting Engineers Limited. The company gives 25 years warranty on
steel structure and a 30 year roof stability.
2,54,931 sq!
B3
15PRIVATE & CONFIDENTIAL
Asset Overview

16. Avigna Ventures is part of the 45-year old Avigna Group and is
managed by their visionary Managing Director Mr. Rajasekaran.
The group is a major player in the textile industry and is rapidly
expanding in the commercial and residential real estate space.
The company currently manages over 8 million sqft of Industrial
& Logistics Parks and has over 20 million sqft of built-to-suit
projects in its pipeline for the next 5 years.
Tata Consulting Engineers Limited (TCE) is the largest Indian
private sector engineering and project consultancy and is a
leader in integrated engineering solutions. With more than 57
years of engineering experience, TCE has a presence in over
55 countries and has completed over 10,000 projects.
16PRIVATE & CONFIDENTIAL
Asset Partner Overview
Asset Builder
Asset Construction Consultant

17. Tenant Overview
15 Years (Dec 2035)
9 Years (Dec 2029)
3 Months
15% every 3 Years
Dec 2020
Rs. 15.50/sqft
Lease Commencement
Monthly rent (Rs./SFT)
Escalation
Security Deposit
Lease Duration
Lock-in Period
Lease Terms
17PRIVATE & CONFIDENTIAL
Founded: 2016
Fleet: 2000+ trucks
Locations: 30 cities
Capacity: 5 Million sqft
Stellar Value Chain is India’s fastest growing contract
logistics player. The company currently has a fleet of over
2000 trucks and operates in 30 cities across the country.
Stellar’s clients include Walmart, Dr. Reddy’s, Biocon, Mylan,
Nestle etc.
Stellar has raised a $125 million investment from US private
equity firm Warburg Pincus and plans to use this funding to
expand its footprint from 5 million sqft of warehousing to 50
million sqft by 2025.
Source: Stellar Value Chain

18. In a short period of time, Stellar has grown to be one of India’s largest third-party logistics player.
Tenant Overview
Source: Stellar Value Chain
2016 2016 2017 2019
JULY DEC AUG APR
2016 2017 2018 2019
AUG FEB JUL MAY
Inception of Stellar
Value Chain Solutions
Acquired Kelvin Cold
Chain Logistics
2mn sft of total
warehousing area
Acquired
Patel Roadways
Investment of $125mn
by Warbug Pincus
First Warehouse
operation in Bengaluru
Acquisition of
Innovative Logistics
making entry into
express transportation
5mn sft of
warehousing area
covered pan India
18PRIVATE & CONFIDENTIAL

19. Tenant Overview
Stellar currently has facilities in 12 cities. In
Bengaluru, Stellar operates over 50 lakh sqft of
warehousing space.
Source: Stellar Value Chain
19PRIVATE & CONFIDENTIAL

20. 20PRIVATE & CONFIDENTIAL
Lease Timeline
Lease Start Date
Rental Escalation 1
Rental Escalation 3
& Lock-in End Date Lease End Date
Rental Escalation 2 Rental Escalation 4
Dec 2020
Dec 2023 Dec 2029 Dec 2035
Dec 2026 Dec 2032
The lease is for 15 years with a 9 year lock-in period.

21. Rental Yield growth projection
The asset has contractual 15% escalation every 3 years. The first year rental yield for early investors is 10.12%. The average
rental yield on the investment over 15 years is 12%.
10.12%
1.5%
Rental
Top up
13.06%
15%
Dec 2020 Dec 2029 Dec 2035
Rental Yield
21PRIVATE & CONFIDENTIAL

22. Investment Breakup
22PRIVATE & CONFIDENTIAL
Particulars Amount(Rs) Details
Gross Purchase Price
Add: Stamp Duty
Add: Registration
Add: Acquisition Fee
Add: Lease Stamp Duty
Add: Legal Fees
Add: Reserve
Rs 51,91,94,550
Rs 30,56,060
Rs 17,46,320
7.00% of Purchase Price
4.00% of Purchase Price
2.00% of Purchase Price
0.5% of Annual Rental + SD
Estimated Fee
Contingency
Rs 1,03,83,891
Rs 50,00,000
Rs 15,00,000
Rs 11,19,179
Net Purchase Price Rs 54,20,00,000
Carpet Area/sqft
2100
Mezzanine Area
/sqft
1050

23. Financial Model
Day 0 Year 1-3 Year 4-6 Year 7-9 Year 10-12 Year 13-15 Total
Total
Investment
Rental Income
Pre-Booking Offer
Interest on Deposit*
Sale Value*
Cash Flow
(54,20,00,000) (54,20,00,000)
13,79,57,409
81,30,000 81,30,000
21,72,829
(54,20,00,000) 14,82,60,238 16,08,23,850 18,46,21,503 21,19,88,804 1,37,02,40,273 1,53,39,34,667
21,72,829 21,72,829 21,72,829 21,72,829 1,08,64,146
1,12,67,79,0731,12,67,79,073
15,86,51,020 18,24,48,673 20,98,15,974 24,12,88,371 93,01,61,448
Financial Model and Returns (All prices are in Rs.)
*Assumptions for the financial model
6.3% on actual deposit
Conservative growth rate of 5% per annum
23PRIVATE & CONFIDENTIAL

24. Targeted Growth Sensivity
Even at a conservative 5% annual capital appreciation, the investment will return a 13.9% IRR and a 3.8x investment mulitplier.
Expected IRR
Investment
Multiplier
5.0%
13.9% 18%15.4% 16.2%
3.8x 4.5x
7.0%
4.9x
8.0%
5.9x
10.0%
24PRIVATE & CONFIDENTIAL

25. 1
Why we are Investing
SUPERIOR YIELDS
STRATEGIC LOCATION
LONG-TERM, TIER I TENANT
In addition to the already healthy yields and capital growth,
Strata’s entry into Avigna Industrial Park in its initial phase
gives investors a significant boost in rental yields; making
this our highest yielding offering so far.
The asset is located in Hosur, a major manufacturing hub
just 35 km from Bengaluru. This factor, along with
excellent transport infrastructure in the region makes
Avigna Industrial Park attractive to any logistics player.
The entire asset has been pre-leased to Stellar Value Chain
for the next 15 years, including a 9 year lock-in. A long lease
period with a renowned, pan India logistics player makes
Avigna Industrial Park a low-risk, stable asset.
25PRIVATE & CONFIDENTIAL

26. 26PRIVATE & CONFIDENTIAL
/strataprop.com
Investment Terms for
Pre-booked Investors
Min. Investment
25 Lakhs
5%
1.5%
vs standard 10%vs standard 1% over hurdle rate vs standard
20% over hurdle rate
Upfront Commitment
Rental Top up
10%0.5%
Performance FeeManagement Fee
Rents starts from October 2020

27. 1
Transparent and Clear Ownership Structure
Investor
SPV*Escrow Agent
/Trustee
STRATA
Asset
Escrow agent/
Trustee
manages all
fund flows
Manages the SPV
and the asset
*Special Purpose Vehicle
Securities of SPV
issued to investors
27PRIVATE & CONFIDENTIAL

28. 28PRIVATE & CONFIDENTIAL
Asset Management Services
ASSET PURCHASE ASSET MANAGEMENT INVESTOR SERVICES
• Property tour & review
• Asset purchase
• Asset Registration
• Lease negotiation
• Tenancy management
• Asset upkeep
• Half yearly valuation report
• Asset Sale negotiation
• Dedicated Investment Manager
• Online Dashboard
• Market updates & Reports
• Rent Disbursal
• Resale/Purchase Facilitation
• Tax Center

29. PRIVATE & CONFIDENTIAL 29
ABOUT
STRATA

30. The Strata Platform
Strata is data enabled, fully online platform for fractional investments in Premium Commercial Real Estate.
Data driven investment
approach with insights on
properties, locations, pricing
and building specifications
With 360 due diligence and
exhaustive selection criteria
we mitigate asset related risk
2500+ Users | 82 Crores AUM | 185+ Investors
Liquidate your
holdings with multiple
exit options
Transparent investment
process, access to
detailed reporting and fair
pricing, declared upfront
Invest at a click of a button.
Get real-time data and 24*7
portfolio access
Strata handles the entire life
cycle of the property
including asset management
and eventual sale
Data Driven
Risk Management
Liquidity
Transparency
Convenience
Professional Edge
0
30PRIVATE & CONFIDENTIAL

31. Investor Dashboard
Strata investors get access to an investor dashboard to manage their investments at anytime, from anywhere.
31PRIVATE & CONFIDENTIAL

32. Investor Dashboard
32
Strata investors get regular updates and can track performance through the dashboard.
PRIVATE & CONFIDENTIAL

33. Investor Dashboard
33
Strata investors get real-time lease and sale transaction data powered by PropStack - India’s leading
leading source of real estate data and market intelligence.
PRIVATE & CONFIDENTIAL

34. Investor Dashboard
34
Strata investors can track cash-flows of the SPV, rental payouts, tax certificates, half-yearly valuation reports, etc.,
PRIVATE & CONFIDENTIAL

35. Our Leadership
Over 9 years of experience
in real estate and private
equity law.
Represented over $1.4 billion
in Private Equity investments.
Co-Founder
Sudarshan Lodha
Over 8 years of experience
with D.E. Shaw and WeWork.
Analysed and leased over 50
locations, spanning 6 million
square feet of premium
real estate.
Priyanka Rathore
Co-Founder
Over 13 years of fundraising
and investment experience
with Piramal and HSBC.
Raised over 3000 Cr.
in investments.
Nihar Shah
Director - Investments
35PRIVATE & CONFIDENTIAL

36. Our Team
Strata’s 25 strong team come from an impressive array of fields and backgrounds. We believe our combined experience
across real estate, investments, law, and technology give us an unique perspective and a competitive edge.
36PRIVATE & CONFIDENTIAL

37. Our Previous Investments
EagleBurgmann Karanodai
Karanodai, Chennai
Rs. 21.7 Crores
Investment Amount
12.18%
Avg. Rental Yield
Grade - A Warehouse
Asset Type
14.5%
Expected IRR
Brigade Metropolis
Whitefield, Bengaluru
Rs. 19.4 Crores
Investment Amount
8.7%
Avg. Rental Yield
Premium Office Spaces
Asset Type
18%
Expected IRR
37PRIVATE & CONFIDENTIAL

38. Trusted by a diverse group of investors
Strata’s investors come from a wide range of industries and companies. Our clientele include
NRIs, businessmen, established startup founders and major family offices.
38PRIVATE & CONFIDENTIAL

39. 18
SAIF Partners is one of Asia’s largest VC firms with investments
in over 100 companies and $3 Billion in AUM. SAIF’s portfolio
includes PayTM, Swiggy, PropTiger, JustDial, ClearTax,
and MakeMyTrip
US based Mayfield is an active investor in early stage startups
and has over $2.5 Billion in AUM. The firm’s portfolio includes
IndiaProperty, LendingKart, Lyft, matrimony.com, and Amagi.
Propstack is India’s leading source of real estate data and market
intelligence. Its clients include the likes of KKR, Blackstone,
Goldman Sachs, BNP Paribas, Morgan Stanley, Ascendas etc.
Our Backers
39PRIVATE & CONFIDENTIAL

40. 18
Market Data & Intelligence Growth
Banker & Custodian Payment Solutions
Our Partners
40PRIVATE & CONFIDENTIAL

41. “As a brand, we are focused on bringing in transparency and a
data-driven approach to investments in real estate” - Economic Times
“Strata raises $1.5 million in seed round from SAIF
Partners, Mayfield India, PropStack” - Business Standard
Media Coverages
41PRIVATE & CONFIDENTIAL