New Delhi, June 3 -- AltInvest Online Platform Pvt Ltd, which operates the real estate investment platform Alt and counts private equity firm WestBridge Capital among its own investors, has exited an office property with high returns.
Bengaluru-based Alt, which was formerly known as Property Share Online Platform Pvt Ltd before expanding into a broader alternatives platform, has exited its investment in GCorp Tech Park, a commercial office property, located in Mumbai's Thane suburb.
Alt had invested Rs 69.21 crore in the asset in July 2025 and completed the exit in April this year for a realised value of Rs 104.03 crore, generating a gross pre-tax profit of Rs 34.82 crore, it said on Wednesday.
This translates into a multiple on invested capital of 1.5x and a pre-tax internal rate of return (IRR) of 103% over a holding period of about nine months, according to the company. This is far above the 20-30% IRR that private market investors typically chase in rupee terms.
The investment comprised about 170,000 square feet spread across three floors of GCorp Tech Park. Alt said the asset was acquired by a family office and a real estate fund, though it did not disclose the identity of the buyers.
The sale comes amid growing institutional interest in rent-yielding commercial real estate assets and follows increased activity around small and medium real estate investment trusts (SM REITs), a category introduced by the Securities and Exchange Board of India in 2024.
GCorp Tech Park has emerged as a notable asset within the country's evolving SM REIT market. Property Share Investment Trust, sponsored by the same group that founded Alt, recently closed its second SM REIT scheme, PropShare Titania, which acquired about 440,000 square feet of leasable area within the same office complex.
GCorp Tech Park houses a mix of multinational and domestic occupiers, including companies from the Aditya Birla Group and customer experience management firm Concentrix.
"At Alt, we believe in investing with conviction whenever we see opportunistic plays in the market," co-founder and CEO Kunal Moktan said.
Moktan said the firm's investment thesis was based on an arbitrage opportunity between institutional and high-net-worth investor capitalisation rates for prime commercial real estate assets.
Hashim Khan, co-founder of Property Share, said the investment was underpinned by the acquisition of an institutional-grade office asset at what the company considered an attractive entry valuation.
Founded in 2015, Property Share was among the earliest platforms offering fractional ownership exposure to commercial real estate in India. Following the introduction of the SM REIT framework, the company expanded its offerings under the Alt brand to include private credit, private real estate and other alternative investment products.
Alt counts WestBridge, Lightspeed, BEENEXT and Pravega Ventures among its investors. The company says it manages more than $300 million in assets and serves over 350,000 users across its investment platforms.
The GCorp transaction provides another example of liquidity in India's commercial office market, where institutional investors continue to pursue stabilised assets with established tenant profiles and income streams despite periodic concerns over the long-term impact of hybrid working models on office demand.
Published by HT Digital Content Services with permission from VC Circle.