India: Bengaluru-based shared office space provider BHIVE has launched a ₹400 crore [approximately US$48 million] alternative investment fund [AIF] to acquire commercial real estate in prime locations for coworking spaces.
The new coworking fund, which launched privately last year, will provide avenues for high-net-worth individuals [HNWIs, with at least $1 million in liquid financial assets] and family-owned businesses looking to enter the commercial real estate sector. Individuals and businesses will need to make a minimum of investment of ₹1 crore [just over US$120,000] to participate in the fund.
In a statement, BHIVE Group founder and CEO, Sheshagiri Rao Paplikar, 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.”
He later implied that the company was seeking to acceleration, saying that BHIVE was about to “embark on the next growth phase” of its development. The firm currently manages 25 flexible and managed office assets spanning 1.5 million square feet in Bengaluru in southern India.
Founded in 2014, BHIVE is aiming to expand its presence in other cities beyond its Bengaluru core market.
Last June, BHIVE Workspace launched India’s largest coworking campus in Bengaluru. Located in AKR Tech park, the property will offer more than 8,000 seats, F&B outlets, a sports arena and entertainment.
