Bengaluru-based coworking firm BHIVE plans to raise Rs 400 crore coworking-focused CAT-2 alternative investment fund (AIF) to fuel its growth.
The proposed new fund will acquire fully completed commercial real estate properties in prime locations with clear titles, occupancy certificates, and a capex of a set. BHIVE has solidified its position as Bengaluru’s largest coworking provider over the past year by closing deals worth more than Rs 200 crore.
“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 the BHIVE.
The company has also said it will wind up its current AIF fund, which Sandeep Gupta managed. With the move, Gupta has decided to look for new opportunities outside BHIVE. Even though he is departing, BHIVE highlights that there won’t be any changes to its investment strategy or impact on its current portfolio because the current AIF has not yet been operational.
“Change is inherent in the investment landscape. Our team, fortified by expertise and dedication, is committed to delivering optimum results and upholding our investors’ trust in us,” said Paplikar.
High Net Worth Individuals (HNIs) and family-owned businesses seeking to invest a minimum of Rs 1 crore in commercial real estate will have a unique opportunity through the new fund.
In Bangalore, BHIVE Workspace has been actively growing its presence and keeping an eye on new business opportunities in other premier commercial markets. It manages 25 flexible office buildings with 1.5 million sq ft in Bangalore.