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Property Share Investment Trust has filed draft IPO papers for its fourth Small and Medium Real Estate Investment Trust (SM REIT) scheme, PropShare Lumina, with an issue size of up to INR 485 crore. The scheme offers investors an opportunity to invest in two fully leased Grade A+ commercial office towers in Noida's OESPL Business Centre. The asset is leased to 19 tenants and spans over 437,025 square feet of super built-up area. The proposed issue reflects the growing adoption of SM REITs, a SEBI-regulated investment vehicle designed to widen retail participation in income-generating commercial real estate.
Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed draft initial public offering (IPO) papers for its fourth investment scheme, PropShare Lumina, with an issue size of up to INR 485 crore.
The proposed offering aims to provide retail investors with access to institutional-grade commercial real estate assets, a segment that has traditionally been dominated by large institutional investors.
According to the draft documents, PropShare Lumina plans to issue units for cash aggregating up to INR 484.68 crore.
Under its fourth scheme, the trust is offering investors an ownership stake in two office towers at the OESPL Business Centre in Noida. The commercial asset has a super built-up area of 437,025 square feet and is fully leased to a diversified tenant base comprising 19 occupants, providing stable rental income.
Commenting on the proposed scheme, Kunal Moktan, Co-founder of Property Share, said the asset represents the kind of institutional-quality commercial real estate the company seeks to offer investors. He added that the fully leased Grade A+ office property is located in one of Noida's established business districts, supported by a diversified tenant mix and predictable rental income.
SM REITs are a relatively new investment category introduced by the Securities and Exchange Board of India (SEBI) to enable wider participation in income-generating commercial real estate. Unlike traditional REITs, SM REITs focus on completed commercial assets valued between INR 50 crore and INR 500 crore, allowing smaller investors to invest in professionally managed office properties. Similar to conventional REITs, units of SM REITs are required to be listed on recognised stock exchanges.
The regulatory framework for SM REITs was introduced by SEBI in 2024 to deepen India's real estate investment market by creating a transparent and regulated platform for fractional ownership of completed commercial assets. Since then, Property Share has emerged as one of the early players in this segment, launching multiple schemes backed by income-generating office properties.
For the proposed issue, HDFC Bank has been appointed as the sole lead manager, while KFin Technologies will serve as the registrar. The units are proposed to be listed on the BSE, subject to regulatory approvals.
Source PTI
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