PropShare Titania SM REIT files ₹473 crore issue
Property Share Investment Trust
(SM REIT) has filed the key information of the trust and key information of the scheme for
PropShare Titania
, their second scheme under the trust aggregating to up to ₹473 crore.
The bid/issue will open on July 21, 2025 and close on July 25, 2025. The price band for the issue is ₹10 lakh to ₹10.6 lakh per Titania unit. The minimum bid size is ₹10,00,000 the minimum investment amount. Bids can be made for a minimum of one Titania unit and in multiples of one Titania unit thereafter by bidders.
The IPO comprises of a fresh issue of Titania units with no offer for sale component. Property Share will also invest a minimum 5% of the Titania units of the scheme from its capital into the offering as the investment manager contribution.
PropShare Titania comprises of a 4,37,973 sq ft Grade A+ office space in G Corp Tech Park located in Thane, Mumbai Metropolitan Region. The asset is 100% occupied by a diversified tenant portfolio including Billdesk (Razorpay), Control Risks, Aptara, and Piramal Pharma Solutions, with a Weighted Average Lease Expiry (WALE) of 5.6 years as of June 2025.
The scheme projects a distribution yield of 9% annually for FY26, FY27, and FY28, and 8.7% in FY29. Distributions will include interest income, dividends, and capital repayment, with investors expected to receive approximately ₹42–45 lakh per unit over four years.
The investment manager to the trust is
Property Share Investment Manager
. The net proceeds are proposed to be utilized to the extent of ₹217 crore for acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the share purchase agreement; ₹232.94 crore for providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and general corporate purposes.
Kotak Mahindra Capital Company
is the sole lead manager (BRLM) to the issue and KFin Technologies is the registrar to the issue. Cyril Amarchand Mangaldas is the domestic legal counsel for the Trust and investment manager in relation to the issue and Trilegal is the domestic legal counsel for the sole lead manager in relation to the Issue. Axis Trustee Services is the trustee for the issue.
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