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Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust, has filed draft papers for the launch of its third scheme, PropShare Celestia, with a proposed issue size of up to INR 244.65 crore. The public issue will consist entirely of a fresh issue of units, with no offer-for-sale component. The scheme is backed by a fully leased Grade A+ commercial office asset in Ahmedabad, offering investors exposure to a stabilised income-generating property. With a projected yield of 8.4 per cent for FY27, PropShare Celestia aims to provide a cost-effective entry into institutional-quality real estate within a rapidly growing office market, further expanding the SM REIT investment universe in India.
Property Share Investment Trust has filed draft offer documents for its third Small and Medium Real Estate Investment Trust scheme, PropShare Celestia, proposing to raise up to INR 244.65 crore through an initial public offering. The issue will comprise only a fresh issuance of units, with no existing unitholders offering their stake, allowing the entire capital raised to be deployed into the underlying asset. Advertisement
PropShare Celestia is anchored by Project Celestia, a fully occupied commercial office property with a super built-up area of 207,838 square feet. The asset is positioned as a Grade A+ development and is located in Ahmedabad, a market that has been witnessing growing demand from corporates and flexible workspace operators.
The tenant profile of the property is diversified and includes four primary occupants. Three of these are managed-office and coworking operators Smartworks Coworking Spaces, EFC Ltd, and Paragraph Khajanchi Business Centre LLP while the fourth anchor tenant is a listed multinational telecommunications company headquartered in Sweden. The presence of established and listed tenants enhances income visibility and reduces concentration risk for investors.
According to the offer documents, the scheme is expected to deliver a projected yield of 8.4 per cent in FY27, reflecting stable rental income from a fully leased asset. The SM REIT structure is designed to provide retail and institutional investors access to income-generating commercial real estate at a relatively lower ticket size compared to traditional direct ownership.
PropShare Celestia marks another step in the evolution of SM REITs in India, a recently introduced framework that enables smaller, stabilised real estate assets to be owned and traded in a regulated manner. The units of the scheme are proposed to be listed on the BSE, offering liquidity and transparency to investors.
Ambit has been appointed as the sole lead manager for the issue, while KFin Technologies will act as the registrar. With this filing, Property Share continues to expand its portfolio of listed real estate investment products, targeting yield-focused investors seeking exposure to high-quality commercial assets.
Source - PTI
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