NEW DELHI: Property Share Investment Trust, the first registered Small and Medium Real Estate Investment Trust (SM REIT) in the country, has submitted the draft IPO documents for its third scheme, PropShare Celestia, aiming for an issue size of up to Rs 244.65 crore.
The public offering will consist solely of a fresh issue of units, with no components for sale, according to the documents.
The underlying asset, Project Celestia, boasts a super built-up area of 2,07,838 sq ft and is fully leased.
The property features four main tenants, which include three managed office providers: Smartworks Coworking Spaces, EFC Ltd (both publicly listed), and Paragraph Khajanchi Business Centre LLP. The fourth key tenant is a Swedish telecommunications multinational.
Investors will gain access to a Grade A+ asset through Celestia, projected to yield 8.4% for FY27, situated in a dynamic and rapidly growing market in Ahmedabad.
“PropShare Celestia continues to provide investors with access to a Grade A+ asset at an attractive entry point. SM REITs represent a novel way for real estate assets to be owned and traded. We are excited to lead this transformation with PropShare Celestia,” states Hashim Khan, co-founder of Property Share.
Ambit serves as the sole lead manager for this issue, while KFin Technologies acts as the registrar. The units are expected to be listed on the BSE.
