The coworking operator BHIVE Workspace, based in Bengaluru, said on August 16 that it intended to launch a coworking-focused Rs 400 crore CAT-2 alternative investment fund (AIF).
With clear titles and occupancy certificates, the fund will be used to purchase fully finished commercial real estate buildings in desirable areas.
According to the corporation, the proposed fund will provide high net worth individuals (HNIs) and family-owned businesses with chances to get involved in the commercial real estate growth story for as little as Rs 1 crore.
“The number of AIFs in India has increased significantly. In contrast to a decade ago, when India’s AIFs were financed by overseas investors, they are now being aided in their expansion by the growing number of domestic investors. The founder and CEO of BHIVE Group, Sheshagiri Rao Paplikar, stated, “We see a big opportunity in this market and will be aggressive with our plans as we embark on the next growth phase of the organization.
The company also disclosed its decision to close its current Sandeep Gupta-managed AIF fund. Gupta has decided to seek out other chances outside of BHIVE with this shift.
BHIVE has done business worth more than Rs 200 crore over the past year, securing its place as a coworking operator in the real estate industry. With the addition of a new building in Bengaluru in 2022, BHIVE will have developed shared workplaces totaling more than 1 million square feet (msf) throughout the city.
BHIVE, which began operations in November 2014, collaborates with more than 172 start-ups and operates out of four different locations in Bengaluru.
