Property Share Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust (SM REIT), has submitted draft IPO documents for its third scheme, PropShare Celestia. The issue size is up to Rs 244.65 crore. This public offering will consist solely of new units, with no existing units being sold, according to the documents.
The underlying asset, Project Celestia, spans a super built-up area of 2,07,838 square feet and is fully leased. It houses four main tenants: three managed-office operators—Smartworks Coworking Spaces, EFC Ltd, and Paragraph Khajanchi Business Centre LLP—and a Swedish telecommunications multinational. These tenants ensure full occupancy of the property.
Investment Opportunities in Ahmedabad
PropShare Celestia offers investors a chance to own a Grade A+ asset in Ahmedabad’s burgeoning market. The projected yield for FY27 is 8.4 per cent. This opportunity allows investors to enter at a cost-effective point while gaining exposure to a premium asset class.
SM REITs represent a novel approach for owning and trading real estate assets. “We are proud to be embarking on this transformation with PropShare Celestia,” said Hashim Khan, co-founder of Property Share. This statement highlights the innovative nature of SM REITs in the real estate sector.
Ambit serves as the sole lead manager for this issue, ensuring smooth execution of the IPO process. KFin Technologies has been appointed as the registrar for the offering. The units from this issue are planned to be listed on the BSE, providing liquidity and accessibility to investors.
Project Celestia’s strategic location and tenant mix make it an attractive investment option. The presence of reputable tenants enhances its appeal, offering stability and potential growth in rental income over time. Investors can benefit from these factors in their investment portfolios.
The introduction of SM REITs like PropShare Celestia marks a significant shift in how real estate assets are managed and traded in India. By providing access to high-quality assets at competitive entry points, these trusts offer new opportunities for investors seeking diversification and growth in their portfolios.
With inputs from PTI
