Latest News | Coworking Firm BHIVE to Set Up Rs 400 Cr Fund to Acquire Commercial Real Estate

New Delhi, Aug 19 (PTI) Bengaluru-based co-working firm BHIVE group is setting up a Rs 400 crore alternate investment fund (AIF) to acquire commercial real estate.

In a statement, BHIVE said the company has launched its new co-working-focused Rs 400 crore CAT-2 AIF.

Also Read | IAF Agniveer Vayu Recruitment 2023: Registration Process To Join Indian Air Force As AGNIVEERVAYU Ends Today, Apply Online at agnipathvayu.cdac.in.

The fund will acquire commercial real estate properties at prime locations with clear titles and occupancy certificates, it added.

The new fund will offer an opportunity to High Net-worth Individuals (HNIs) and family-owned businesses looking to participate in the commercial real estate growth story with a minimum investment of Rs 1 crore.

Also Read | IIT Roorkee Recruitment 2023: Vacancies Notified for 78 Group B and Group C Posts, Apply Online at iitr.ac.in.

BHIVE said it has decided to wind up its current Rs 400 crore AIF fund, which was launched last year but has not yet been operationalised.

"There has been exponential growth in the number of AIFs in India. Unlike a decade ago, when offshore investors were funding India's AIFs, the expanding pool of domestic investors is helping them grow today," Sheshagiri Rao Paplikar, Founder & CEO of the BHIVE Group, said.

"We see a tremendous opportunity in this segment and will go aggressive with our plans as we embark on the next growth phase of the organisation," he said.

BHIVE operates 25 flexible and managed office assets totalling 1.5 million square feet across Bengaluru.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)