This investment opportunity provides a rare chance to invest in 36,230 square feet of grade A office space in Vaishnavi Tech Park in Bangalore. The entire floor is leased to Smartworks, the leading flexible workspace provider, who has subleased it to Groww, one of India's largest investment platforms. The property benefits from proximity to major infrastructure and tenants. The minimum investment is Rs. 25 lacs with an average targeted yield of 9% and IRR of 16.2% over 9 years.

1. www.myrecapital.com
Investment Note
Vaishnavi Tech Park
Opportunity

2. MYRE Capital is offering a rare
opportunity to invest in 36,230 Sq. Ft. of
A+ Grade Office space, strategically
situated off the Outer Ring Road, adjacent
to the Sarjapur Junction, Bangalore. The
proposed space spans the entire 4th floor
of newly constructed South Tower in
Vaishnavi Tech Park.
The entire tower is leased to Smartworks,
the market leader in Managed Workspace
Solutions. Smartworks has subleased our
premises to Groww. Most recently funded
by Satya Nadella, Groww is one of the
largest mutual fund investment platforms
in India.
Average
Yield
9.0%
Target
IRR
16.2%
Overview
Vaishnavi
Tech Park
Strategy Location
ORR, Sarjapur Junction, Bangalore
Marquee Tenant
Tenant : SmartWorks
Sub Tenant : Groww
Lease
Tenure
9years
Minimum
Investment
₹25Lacs
Highlights

3. Location
▪ Bangalore Overview
▪ Micro-Market Insights
▪ Infrastructure
▪ Connectivity
▪ In The Vicinity

4. Bengaluru
Overview
LARGEST OFFICE
HUBS IN INDIA
AREA
8,055 SQ. KM
176+ MSF
34%
Of India’s Global
Capabilities Centres
11
8.7
6
9.2
5.3
6.5
9.8
12.5
7
9.2
8.8
10
9.8
13.4
2016 2017 2018 2019 2020 2021 2022F
Net Absorption
New Supply
51%
Net Absorption
37%
New Supply
GROWTH
2022F over
2021
Headquarters of Wipro, Infosys, Flipkart, Phonepay, Accenture,
IBM, Cisco
Bengaluru is Fastest-Growing Metro City in the World.
Bangalore is widely regarded
as the "Silicon Valley of India"
(or "IT capital of India")
because of its role as the
nation’s leading information
technology (IT) exporter. Indian
technological organizations are
headquartered in the city.
Did you
know?
Bangalore has
emerged as the
world’s fastest-
growing tech
ecosystem!
INDIA’S TECHNOLOGY HUB
POPULATION
8.44 MILLION
LITERACY RATE
88.6%
Source 1: Marketbeat Bengaluru, Office Q4 2021, Cushman & Wakefield
Source 2: Economic Times

5. Micro Market Overview
Vaishnavi Tech park is located strategically at
the intersection of Outer Ring Road (ORR) and
Sarjapur Micro Market. ORR is the largest IT
corridor of Bangalore whilst the Sarjapur
Micro Market has a 0% vacancy rate.
Doddaballapur
Road
Outer Ring Road
Magadi Road
Secondary Business
District
Vacancy Rate : 15%
Stock : 26.9 MSF
Central Business
District
Vacancy Rate : 10%
Stock : 8.5 MSF
Sarjapur
Vacancy Rate : 0%
Stock : 2.9 MSF
Outer Ring Road
Vacancy Rate : 9.3%
Stock : 85.6 MSF
Suburban North
Vacancy Rate : 21%
Stock : 3.9 MSF
Source: Bangalore Overview Report, JLL

6. Outer Ring
Road
PBD-W
PBD-E
EDD
CBD
SBD
Infrastructure & Connectivity
Operational
Under Construction
Bellandur
Station
Outer Ring
Road
Old Madras
Road
Hosur
Road
Ibbalur
Station
With proximity to 2 upcoming Metro Stations (Ibbalur Station
and Bellandur Station) and the Outer Ring Road, Vaishnavi Tech
Park has Excellent Connectivity.

7. In the Vicinity
Vaishnavi
Tech Park
Bellandur
Station
Bellandur Lake
Double Tree Suites by
Hilton
Ibbalur
Station
Novotel
Bengaluru
Fairfield by Marriott
Microsoft Prestige Ferns Galaxy
Accenture
Ecospace
Oracle Solution Services
Wipro Limited
Deloitte
Kodibisanahalli
Station
HCL
Technologies
Manipal Hospital
Play Arena
BELLANDUR
HSR LAYOUT
KADUBEESANAHALLI
Hindustan Aeronautics
Limited Airport
Karnataka Golf
Association
Soul Space Spirit
Central Mall
Tenants in
the Vicinity

8. Opportunity Insight
▪ Vaishnavi Tech Park
▪ Building Overview
▪ Asset Images
▪ Floor Plan
▪ Managed Leasing
▪ Tenant Overview
▪ Lease Overview
▪ Lease Comparable

9. Discover Vaishnavi Tech Park
Thoughtful amenities such as Cafeteria, food court,
landscaped gardens and spaces for recreational activities
PROJECTS HIGHLIGHTS
Located off the Outer Ring Road, very close to the Sarjapur Junction, Vaishnavi Tech Park is
a multi-functional IT and Business Park with a contemporary design. Designed for IGBC
platinum certification, the building will be energy efficient for environmentally conscious
occupiers while at the same time significantly optimizing the operational expenditure.
Total Office Space : 8 lakh sq. ft Area : 5.6 Acres
OFFICE SPACE
A-Grade commercial
space
Two flanking wings with
services at both ends
Well connected & easy
access to public
transport avenues via
Sarjapur Road & ORR
Designed for IGBC
Platinum rating
Energy
Efficient &
Sustainable
Architecture
Source: Vaishnavi

10. Building Overview
Floor 10 : Discovery
Floor 09 : Discovery
Floor 08 : Discovery
Floor 07 : Ocwen
Floor 06 : Ocwen
Floor 05 : Groww
Floor 04 : Groww
Floor 03 : Groww
Floor 02 : Groww
Floor 01 : Advance discussions
[South Tower]
▪ New Building : The tower has been newly
constructed with state-of-the-art
construction technology to deliver superior
quality.
▪ Professional Management : Smartworks
has signed a lease for the entire building
and is responsible for the upkeep and
management of the building
▪ Strong Demand : The building is already
majorly occupied by blue chip sub-tenants
and is expected to be at 100% sub-tenant
occupancy by April 2022.
▪ A-Grade Building : IGBC Platinum Rated

14. Floor Plan
▪ High Floor Plate Efficiency: The 80%+ floor
plate efficiency is significantly above market
average.
▪ Floor Plate Sub-Divisibility: The floorplate
can be subdivided into multiple independent
units, providing flexibility for re-leasing.

15. Managed Leasing
BENEFITS
OF
MANAGED
LEASING
Stable Tenancy : Leasing expertise
providing long term tenant stability.
Secure Rental : Dual protection
from managed leasing partner and
sub-tenant.
Vacancy Risk Mitigation : Tenant
Sourcing, management, and
vacancy responsibility of managed
leasing partner.
Superior Asset Upkeep : Value add
facilities, workspace digitization, and
professional building management.
High Stickiness : Managed leasing partner
invests high marketing costs, tenancy
expenses, building upgradation and
furnishing capex.
Rental Assurance : The managed
leasing partner is responsible for the
rental payment irrespective of
subtenant vacancy.

16. Tenant Overview
▪ Smartworks is India’s largest and profitable provider of agile workspaces, serving 500+
customers.
▪ First flex-space operator to have PAN India presence.
SmartWorks is the
market leader in India
Focusing on large
enterprise clientele
with a bespoke, tech
enabled value
proposition
Large Area
> 50,000 sq.ft.
Smaller Area
< 50,000 sq.ft.
B2C Enterprise
INDICUBE
300+ players
already in the
segment
Area Under Management
4+ MSF
Revenue Growth (2020-2021)
3x
Revenue
~ 3,000 Cr
Enterprise Clientele
~90%
Institutional Backing
Keppel Land,
Singapore
HURUN INDIA HAS NAMED SMARTWORKS TO
ITS FUTURE UNICORN LIST 2021
“
WEWORK SMARTWORKS
Source: Forbes

17. Leasing Expertise : SmartWorks

18. Sub-Tenant : Groww
Groww is one of the largest fintech Unicorns in
India. The company operates an investment
platform that allows investors to invest in mutual
funds and stocks. This year, Groww is one of the
few fintech companies to turn profitable with a
whopping 14x growth in revenue. Chairman and
CEO of Microsoft Corporation Satya Nadella has
joined Groww as an investor and advisor.
Valuation
$3 Billion
[~INR 22,000 Cr]
Revenue Growth
[FY21]
14x
Total
Customer
20 Million +
Total
Employees
600+
Institutional Backing
Source: Groww

19. Market Opinion About Tenants
Smartworks leases
200,000 sq. ft. in
Pune co-working
centre
Smartworks
provides 600 seats
to Ocwen Financial
Services
Smartworks leased
4.5 lakh sft office
space amidst Covid-
19 in Mumbai and
Hyderabad
Groww turns
profitable as
revenue jumps
14-fold in FY21” –
VC Circle (19th
January 2022)
Groww brings on
board Microsoft
chief Satya Nadella
as an investor,
advisor
Live Mint
19 Aug 2021
Live Mint
03 Aug 2021
The Economic Times
22 Jul 2021
VC CIRCLE
19 Jan 2022
The Economic Times
08 Jan 2022
” ” ” ” ”
SmartWorks Groww

20. Lease Terms
Lease Timeline
Lease
Area
36,230 Sq. Ft
Interior Fit-Out
& Furnishing
Smartworks
Rental
Escalation
15% Every 3 year
Notice
Period
6 months
High Security
Deposit
5 months
The tenant, Smartworks, has signed a lease for the entire building admeasuring ~ 4,00,000 Sq. Ft. Groww has further subleased
~1,40,000 Sq. Ft. from Smartworks including our floor. Smartworks will be spending significant capex in modification, fit-outs, and
furnishing costs for the entire building.
The lease terms entail an extended ~9-month effective rent-free fitout period for the tenant. MYRE Capital was able to negotiate with
the seller to reduce the effective rent-free period to only ~2.5 months.
From Nov 2022
Acquisition Effective
Rent Start
Lock-In
End
Lease
End
15thMay2022 1stAug2022 1stNov2027 1stNov2031

21. Lease Comparable
Our rental is at a ~58% discount to the prevailing market rate, increasing the stickiness of
the tenant to the premises and providing significant scope for future mark-to-market
appreciation.
Date Development Tenant
Area
(SF)
Rent PSF Per Month
(Leasable Area)
Discount
2021 Q1 RMZ Eco World Intel 47,400 INR 91 52%
2021 Q1 RMZ Eco World Morgan Stanley 38,813 INR 105 75%
2021 Q1 Salarpuria Softzone PRA Health 26,000 INR 105 75%
2021 Q3 Salarpuria Softzone Genpact 40,096 INR 87 45%
2021 Q2 SJR Hub Tata Electronics 6,000 INR 85 42%
2021 Q3 Sakti Statesman Simpliworks 19,465 INR 80 33%
Average INR 95 58%
2022 Q1 Our Rental 36,230 INR 60
Source 1: Real Estate Market Research & Analysis; JLL; January 2022
Source 2: Propstack Data Platform

22. Financials
▪ Purchase Price Distribution
▪ Gross Yield Growth
▪ Projected Performance Metrics

23. Purchase Price Distribution
Price Break - Up
Particulars Values
Price Per Sq. Ft. ₹ 8,756
Area (Sqft) ₹ 36,230
Gross Price ₹ 31,72,29,880
Add : Stamp Duty ₹ 1,58,06,895
Add : Registration ₹ 27,97,681
Add : Acquisition Expenses ₹ 1,08,98,369
Add : Reserve ₹ 17,00,000
Add : Property Tax ₹ 41,67,175
Add : Legal Expenses ₹ 14,00,000
Net Purchase price ₹ 35,40,00,000

24. Gross Yield Growth
7.5%
8.0%
8.5%
9.0%
9.5%
10.0%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
8.7%
8.4% 8.4%
8.8% 8.8% 8.8%
9.6% 9.6% 9.6%
Yield Growth
Entry Yield
8.7%
Average Yield
9.0%
*All depicted numbers are ‘Gross’ performance metrics. Refer financial model for ‘Net’ values.

25. Projected Performance Metrics
IRR
16.2%
MOIC
3.0X
The target 9% CAGR, implies a 16.2% IRR to investors with a MoIC of 3.0x in a 9-year period
4.0% 6.0% 8.0% 9.0% 10.0% 12.0%
IRR 12.3% 13.8% 15.4% 16.2% 17.0% 18.7%
MoIC 2.2 2.5 2.8 3.0 3.2 3.6
Appreciation Drivers
Platinum
Quality Asset
New Building
& Fresh Lease
Strong Micro
Market
Fundamentals
~59% Discount
To Market
Attractive
Capital Value
Blue Chip
Tenants
Proximity to
Upcoming
Metro Stations
*All depicted numbers are ‘Gross’ performance metrics. Refer financial model for ‘Net’ values.

26. Investment Terms
Management Fee
1%
Performance Fee
20%
Over hurdle rate of 12% IRR
Prebook Offer*
4.35%
*Cumulative across ~7years. Applicable on investments that are confirmed prior 15th March

27. All the information in this document (“presentation”) is published in good faith and for general information purpose only. MYRE TECH LLP (“MYRE”) does not make any warranties about the completeness, reliability and accuracy of this
information. Any action you take upon the information you find in this presentation, is strictly at your own risk. MYRE will not be liable for any losses and/or damages in connection with the use of this presentation.
MYRE TECH LLP’s research team, software, algorithms and analytical processes used have, to the best of its ability, taken into account various factors –both quantitative measures and qualitative assessments, in an unbiased manner,
while designing a suitable investment model. However, such assessments carry inherent unknown risks and uncertainties linked to broad markets as well as analysts’ expectations about future events. The material in the presentation
herein has been prepared by MYRE Capital and is a general overview of the commercial activities and proposed commercial activities of MYRE Capital. That the information supplied vide this presentation has been obtained/deduced
from sources which are reliable as per the best knowledge and belief of MYRE Capital and should not be construed as legal, business or tax advice or recommendation or Offer/Invitation to offer, to potential investors/purchasers. MYRE
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estimates do not represent the current or future performance of the property and any reliance on the material of this presentation shall be at the exclusive risk, costs, expenses and liability of the Investor/Purchaser. Before acting on any
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