Bengaluru-based coworking operator BHIVE Workspace plans to raise a coworking focused Rs 400 crore CAT-2 alternative investment fund (AIF), the company said on August 16.
The fund will be used to acquire fully completed commercial real estate properties at prime locations with clear titles and occupancy certificates.
The proposed fund will offer opportunities to high networth individuals (HNIs) and family owned businesses looking to participate in the commercial real estate growth story with a minimum investment of Rs 1 crore, the company said.
“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. 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,” said Sheshagiri Rao Paplikar, Founder & CEO of BHIVE Group.
Winding up fund
The company also revealed its decision to wind up its current AIF fund, which was being managed by Sandeep Gupta. This transition marks Gupta's decision to pursue new opportunities outside BHIVE.
Over the past year, BHIVE has transacted upwards of Rs 200 crore, solidifying its position as a coworking operator in the real estate sector.
In 2022, BHIVE added a new facility in Bengaluru, completing over 1 million sq feet (msf) of development in shared workspaces across the city.
BHIVE, which was started in November 2014, works with over 172 start-ups and is functional across four locations in Bengaluru.
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