NEW DELHI: Property Share Investment Trust (SM REIT) has submitted crucial information regarding their second scheme, PropShare Titania, aggregating up to ₹473 crore.
The bidding period will commence on July 21, 2025, and conclude on July 25, 2025. The price range for each Titania unit is set between ₹10 lakh and ₹10.6 lakh. Investors can bid for a minimum of one Titania unit, with subsequent bids in multiples of one unit, at a minimum investment of ₹10,00,000.
The IPO consists solely of a fresh issue of Titania units, with no component for sale. Property Share will contribute a minimum of 5% of the Titania units from its capital as part of the investment manager’s commitment.
PropShare Titania includes a 4,37,973 sq ft Grade A+ office space located in G Corp Tech Park, Thane, in the Mumbai Metropolitan Region. The property is fully leased to a diverse tenant base, including Billdesk (Razorpay), Control Risks, Aptara, and Piramal Pharma Solutions, featuring a Weighted Average Lease Expiry (WALE) of 5.6 years as of June 2025.
The scheme anticipates a distribution yield of 9% annually for FY26, FY27, and FY28, and 8.7% for FY29. Returns will encompass interest income, dividends, and capital repayments, with investors expected to receive approximately ₹42–45 lakh per unit over a four-year period.
The investment manager for the trust is Property Share Investment Manager. The net proceeds are proposed to be utilized as follows: ₹217 crore for acquiring the full issued and paid-up equity share capital of the Titania SPV per the share purchase agreement; ₹232.94 crore to provide a loan to the Titania SPV for repaying debenture liabilities by redeeming the OCDs (including accrued interest); and for general corporate purposes.
Kotak Mahindra Capital Company is the sole lead manager (BRLM) for this issuance, while KFin Technologies serves as the registrar. Cyril Amarchand Mangaldas provides domestic legal counsel for the Trust and investment manager, whereas Trilegal offers legal counsel for the lead manager. Axis Trustee Services is the trustee for the offering.
