New Delhi : Property Share Investment Trust, the first Small and Medium Real Estate Investment Trust (SM REIT) in India, has submitted paperwork for an IPO of its PropShare Platina scheme, with a value of up to Rs 353 crore. The initial public offering is a new issuance, without any offer-for-sale part, and the funds will primarily go towards acquiring the Prestige Tech Platina asset, as stated in the draft documents submitted on Thursday.
SM REITs are a recently established asset category overseen by Sebi, with a focus on assets worth Rs 50-500 crore, and must allocate 95 per cent of profits to investors. PropShare Platina consists of 246,935 square feet of office space within the Prestige Tech Platina structure in Bengaluru. The US tech firm will lease the property for nine years with a 15 per cent rent increase every three years. Investors can expect a distribution yield of 9 percent for the fiscal year 2026.
Kunal Moktan and Hashim Khan, who have a wealth of experience in real estate, founded Property Share. The senior team has a total of 62 years of experience. ICICI Securities will act as the primary manager, and the units will be listed on the BSE.
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