India's First SM REIT Scheme: Property Share Files for ₹353-cr IPO
Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust, has filed documents for an IPO of its PropShare Platina scheme, worth up to ₹353 crore.
Sm ReitProperty Share Investment TrustPropshare PlatinaIpoReal Estate Investment TrustReal Estate MumbaiSep 28, 2024
The IPO is a fresh issue, with no offer-for-sale component, and the proceeds will be mainly used for the acquisition of the Prestige Tech Platina asset. According to the draft papers filed on Thursday, the funds raised from the IPO will be utilized to purchase the Prestige Tech Platina building in Bengaluru.
The PropShare Platina scheme includes 246,935 sq ft of office space in the Prestige Tech Platina building, which will be leased to a US-based tech firm for nine years. The rent will increase by 15% every three years. Investors are projected to receive a 9% distribution yield for FY26.
Property Share was founded by Kunal Moktan and Hashim Khan, both with extensive real estate experience. The senior team has a combined experience of 62 years. ICICI Securities is the lead manager, and the units will be listed on the Bombay Stock Exchange (BSE).
SM REITs, a new asset class regulated by the Securities and Exchange Board of India (SEBI), target assets valued between ₹50-500 crore. These trusts are required to distribute 95% of their earnings to investors.
Information
Property Share Investment Trust is India's first Small and Medium Real Estate Investment Trust (SM REIT). The company was founded by Kunal Moktan and Hashim Khan, both experienced real estate professionals.
ICICI Securities is one of the leading investment banks in India, providing a range of financial services, including IPO management.
A ICICI Securities is the lead manager for the IPO.
Frequently Asked Questions
What is the size of the IPO filed by Property Share Investment Trust?
The IPO is worth up to ₹353 crore.
What is the purpose of the IPO?
The proceeds from the IPO will be used to acquire the Prestige Tech Platina asset.
What is the lease period for the Prestige Tech Platina building?
The building will be leased to a US-based tech firm for nine years.
What is the expected distribution yield for investors?
Investors are projected to receive a 9% distribution yield for FY26.
Who is the lead manager for the IPO?
ICICI Securities is the lead manager for the IPO.
Related News Articles
Mumbai Real Estate Developer and CEO Embroiled in ₹13.65 Crore Fraud Case
A Mumbai-based real estate developer and CEO have been booked for allegedly forging documents and duping a partner of ₹13.65 crore in a Bhandup land deal.
Mumbai Property Registration Revenue Surges 52% YoY to Rs 1,081 Crore This Diwali
According to data from the Inspector General of Registration (IGR), Maharashtra, property registrations in Mumbai witnessed a remarkable 22% year-over-year increase, with 11,861 homes registered in October 2024, compared to 9,736 in November 2023.
AI Bubble Deflating: Zoho's Sridhar Vembu Stresses Importance of Real Engineering Work
Zoho CEO Sridhar Vembu discusses the potential deflation of the AI bubble and emphasizes the enduring importance of real engineering work in the tech industry.
ED Seizes ₹19.61 Crore from Karrm Developers Linked to Vivek Oberoi in Real Estate Scandal
The Enforcement Directorate (ED) in Mumbai has taken action against Karrm Developers, a real estate firm associated with actor Vivek Oberoi, by seizing assets worth ₹19.61 crore. The action is part of an ongoing investigation into financial misconduct in the affordable housing sector.
Mumbai Sees Record-Breaking Property Registration in March 2025
Mumbai witnessed a surge in property registration in March 2025, driven by the impending hike in reckoner rates set to take effect from April 2025. This surge highlights the robust demand in the city's real estate market.
Private Equity Investments Fuel 133% Surge in Real Estate Deal Volumes in Q1 2025
Real estate deal volumes soared by 133% in the first quarter of 2025, driven predominantly by private equity (PE) investments, which accounted for 88% of the total transactions.