Strategic investor participation in InvITs and REITs requires binding subscription agreements, escrowed payment, disclosure and temporary lock-in. Strategic investors may subscribe to InvIT and REIT public issues for not less than 5% and not more than 25% of the offer, under a binding unit subscription agreement specifying subscription price which must be deposited in a special escrow account before opening the public issue. The strategic investor price shall not be less than the public issue price; if the public price is higher the investor must pay the difference within two working days, while no refund is provided if the public price is lower and allotment occurs at the agreed subscription price. The unit subscription agreement is disclosable in the offer document and units allotted to strategic investors are locked-in for 180 days from listing.