Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
Bhive Fund to raise Rs.400-Cr to invest in commercial office projects
Bhive Fund, an affiliate of flexible office real estate firm Bhive Group, plans to raise an INR 400 crore alternative investment fund (AIF) to invest in commercial office projects. BHIVE CRE Opportunities Fund-Series I will be close-ended with a tenure of 5 years from the date of closure, extendable by 2 years. The fund plans to buy un-leased properties at a discount, refurbish and rent them out. Bhive, the parent company, will be the sponsor of the fund and will invest in office properties with occupancy certificates ranging between 15,000 sq. ft. and 50,000 sq. ft. across Bangalore. The fund offers an IRR of 20% over the investment with an 8-9% coupon to investors. The firm identified INR 1,300 crore worth of assets for potential acquisition.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.