Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Property Share Investment Trust has announced the launch of an initial public offering (IPO) for PropShare Celestia, valued at INR 244.65 crore, with subscriptions opening in the coming days. The issue, priced between INR 10 lakh and INR 10.50 lakh per unit, will fund the acquisition of seven floors in a Grade A+ commercial building in Ahmedabad. The asset, located in Nehru Nagar, spans over 2 lakh sq ft and is fully leased to a mix of managed office operators and a multinational tenant. The offering represents the trust's third SM REIT product, reflecting the gradual expansion of fractional institutional ownership structures in India's commercial real estate market.
Property Share Investment Trust has announced the launch of an initial public offering (IPO) for its PropShare Celestia scheme, with a total issue size of approximately INR 244.65 crore, according to details released in recent days. Advertisement
The public issue is scheduled to open in the coming days and will close within a week, with a price band set between INR 10 lakh and INR 10.50 lakh per unit. The offering comprises a fresh issue of units with no offer-for-sale component, indicating that proceeds will be directed towards asset acquisition rather than promoter exits.
The funds raised through the IPO will be utilised to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial development located in the Nehru Nagar area of Ahmedabad. The underlying asset, referred to as Project Celestia, has a total super built-up area of approximately 207,838 sq ft and is fully occupied at the time of listing.
Tenant composition includes a mix of managed office space operators and corporate occupiers. Among the primary tenants are Smartworks Coworking Spaces and EFC Limited, both of which operate in the managed office segment. Another tenant includes a business centre operator, while the fourth anchor occupier is a listed multinational telecommunications company based in Sweden.
The minimum investment for the offering has been set at INR 10 lakh, aligned with regulatory requirements for Small and Medium Real Estate Investment Trusts (SM REITs). Investors are required to bid for at least one unit, with additional investments permitted in multiples of one unit. The units are proposed to be listed on the BSE Limited, providing a secondary market for liquidity.
SM REITs represent a relatively new structure in India's real estate investment landscape, designed to facilitate fractional ownership of income-generating commercial assets. Unlike traditional REITs, which typically require larger portfolios, SM REITs allow investors to participate in smaller, asset-specific opportunities while maintaining regulatory oversight and transparency.
The launch of PropShare Celestia marks the third offering by Property Share Investment Trust, indicating growing activity in this segment. The structure is intended to attract both institutional and high-net-worth investors seeking exposure to leased commercial properties with stable rental income streams.
Intermediaries for the issue include Ambit Capital as the sole lead manager, while KFin Technologies has been appointed as the registrar.
The offering reflects a broader trend of institutionalisation in India's commercial real estate sector, where new investment vehicles are being introduced to widen participation and improve access to high-quality office assets.
Source - PTI
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
