Asset management firm MPowered, which recently raised $ 21 mn in a pre-series A round from US-based investors, has acquired 100,000 sq ft of commercial space in Gurgaon.
Apart from the acquisition cost, the company has invested Rs 12-15 crore in refurbishing the building into a Grade A asset.
“We have converted this B-grade property into a marketable asset. We plan to operate 500,000 sq ft under this model and will soon acquire 200,000 sq ft in Noida,” said Sudeep Singh, MPowered Founder & CEO.
The company has taken the Gurgaon building at 9+9 years lease.
“This is the right time to acquire an asset and even large PE funds are looking at assets in prime locations. We won’t go for big assets and will acquire Grade B assets in the range of 100,000 sq ft to 300,000 sq ft,” Singh said.
The firm helps property owners convert their real estate investments into chic profit-generating ventures for long-term use.
Under the new service vertical for large companies “Reverse Officing”, MPowered caters to large corporates which are downsizing due to Covid-19.
Company said that the idea is to help these businesses retain their original office address without having to absorb the rental cost for the entire area.