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New Delhi: Startups hbitsa tech-enabled fractional ownership The platform said on Thursday that it has got market regulator SEBIapproval for setting up alternative investment fund 500 crores for investment in commercial real estate. hBits helps investors to have fractional ownership of commercial properties. It has helped it acquire 9 rent-yielding properties so far.
The company said in a statement that it has received regulatory approval Securities and Exchange Board of India (SEBI) for its Cat II Alternative Investment Funds (AIFs).
It added, “This approval gives HBits an opportunity to set up an AIF fund with substantial assets under management (AUM) of Rs 500 crore.”
Investors who participate in hBits’s AIF can expect an impressive target internal rate of return (IRR) of 18-20 percent.
Cat II AIFs are designed to undertake pan India Grade-A projects with a primary focus on commercial real estate assets. This includes a wide range of commercial projects such as offices, retail spaces, data centres, warehouses and hospitals in under construction, pre-leased and completed/operational properties across top 6 metropolitan cities in India.
The company received approval from the market regulator in the last week of May and has now started the process of raising funds from investors such as family offices, ultra high net-worth individuals (UHNIs), domestic institutional investors and international funds.
“Retaining SEBI’s regulatory approval for our Cat II Alternative Investment Fund with an impressive AUM of Rs 500 crore is a significant milestone for HBIT. This milestone not only reflects the unwavering faith placed in our platform by investors and regulatory authorities but also reflects our readiness to seize the limitless potential of the commercial real estate market,” said Shiv Parekh, Founder, HBIT.
hBits CIO Mayank Jain said, the company will target Grade-A commercial real estate development across India.
hBits has assets under management (AUM) of Rs 220 crore from their nine existing properties with over 50,000 registered users.
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