Real Estate Investment Funds & Infrastructure Investment Fund - Concept (REITs and InvITs)

is an investment vehicle that pools money from many investors — the way a mutual fund does — and uses the pool to buy a portfolio of income-yielding real-estate assets (chiefly Grade-A office parks, malls, warehousing).

Role: Establishes the trust; brings in seed real-estate assets; like a promoter of a company; Analogous to: Promoter / Founder

Role: Holds the real-estate assets of the trust in trusteeship; protects unit-holder interest; assets are no longer directly controlled by the Sponsor; Analogous to: Custodian / Guardian

Role: A domestic company that holds the real-estate assets on behalf of the REIT; the trust must hold ≥ 50 % of the equity in the SPV; Analogous to: Operating subsidiary

Role: Manages the real-estate assets on behalf of the trust and makes day-to-day investment decisions; Analogous to: AMC / Asset Manager

What it invests in: Commercial retail — shopping malls and freestanding retail stores; Mandatory Allocation: ≥ 24 % of assets in retail

What it invests in: Owns and operates manufactured housing, rental apartment buildings and gated communities

What it invests in: Hospitals, nursing facilities, retirement homes, medical centres