Explain the term 'Strategic Investor' with reference to the public issue of REITs and InVITs.

'Strategic investor' with reference to the public issue of REITs and InvITs means: an infrastructure finance company registered with RBI as a NBFC; a Scheduled Commercial Bank; an international multilateral financial institution; a systemically important NBFC with RBI; a foreign portfolio investor; who invest either jointly or severally not less than 5% of the total offer size of the InvIT or such amount as may be specified by SEBI with applicable provisions of the FEMA Act, 1999 and the rules or regulations or guidelines made there under. Following other aspects shall also be considered - Holding by strategic investors - Minimum 5%, maximum 25%. Holding by public, other than strategic investors and sponsors - Minimum 25%. Holding by sponsor - Minimum 5%, maximum 70%. The price at which units are offered to the strategic investors must not be less than the price determined in the public issue. It must be ensured that the subscription amount is kept in the separate account until the public issue is opened. The units subscribed by strategic investors, pursuant to the unit subscription agreement, will be locked-in for a period of 180 days from the date of listing in the public issue.