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Business Standard
6 days ago
- Business
- Business Standard
PropShare Titania's ₹473-crore SM Reit IPO set to open on 21 July
The ₹473-crore initial public offering (IPO) of PropShare Titania, the second scheme of Property Share Investment Trust (PSIT), a small and medium real estate investment trust (SM Reit), is set to open on 21 July (Monday). The issue will close on Friday, 25 July 2025. The price band for the issue is ₹10 lakh to ₹10.6 lakh per Titania unit. Bids can be made for a minimum of one Titania unit and in multiples of one unit thereafter. The IPO comprises a fresh issue of Titania units, with no offer-for-sale component. This issue is being made through the book-building process. PSIT had filed offer-related documents in May. PropShare Titania comprises 4.37 lakh square feet of grade A+ office space in G Corp Tech Park, located in Thane, Mumbai Metropolitan Region (MMR). The asset is 100 per cent occupied by a diversified tenant portfolio comprising Fortune 500 companies, multinational corporations, and blue-chip tenants, including Aditya Birla Capital and Concentrix. The net proceeds of the issue are proposed to be utilised as follows: ₹217 crore for acquisition of the entire issued and paid-up equity share capital of the Titania special purpose vehicle (SPV) as per the share purchase agreement; ₹232.94 crore for providing a loan to the Titania SPV for extinguishment and redemption of the debenture liability; and the remainder for general corporate purposes. Kunal Moktan, co-founder, Property Share, said: 'This marks another milestone in our mission to create a transparent, liquid, and institutional-quality real estate investment platform for individual investors. In a volatile equity market environment, rent-yielding commercial assets like SM Reits are emerging as an alternative investment opportunity for investors.' Earlier, in November 2024, PSIT issued a ₹353-crore IPO for its first scheme, PropShare Platina, also an entirely fresh issue. Additionally, SM Reits are a new asset class introduced by the Securities and Exchange Board of India (Sebi) as a sub-class within the Reit framework for assets valued between ₹50 crore and ₹500 crore. Similar to Reits, SM Reit units must be listed on stock exchanges but with a minimum lot size of one unit worth ₹10 lakh. SM Reits are not permitted to invest in under-construction assets or land and must distribute 95 per cent of earnings as distributions to unit holders.
Time of India
08-05-2025
- Business
- Time of India
Property Share files ₹472 crore IPO draft for second SM REIT scheme
NEW DELHI: Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed a draft document for a Rs 472 crore Initial Public Offering (IPO) of PropShare Titania , its second SM REIT scheme . The IPO comprises a fresh issue of Titania units with no Offer For Sale (OFS)component, Property Share Investment Trust said in a statement on Thursday. PropShare Titania comprises a 4,37,973 sq ft of grade A+ office space in G Corp Tech Park located in Mumbai, with ESG certifications. It is fully occupied by a diversified tenant portfolio comprising Fortune 500 companies, MNCs and blue-chip tenants including Aditya Birla Capital and Concentrix. The Trust said that tenants have occupied the building for more than nine years and have a 3.3-year weighted average lease expiry in the building. There is a 5 per cent annual rental escalation across all the tenant leave and licence agreements. The scheme offers investors a projected distribution yield of 9 per cent for FY26 and FY27, while 9.1 per cent for FY28. Proceeds from the issue are proposed to be utilised primarily for the acquisition of the asset. PropShare Titania is located on the main Ghodbunder road, Thane, which is part of the Mumbai Metropolitan Region. Thane has a large residential catchment area with strong social infrastructure. "After the success of our first scheme of SM REIT, we are excited to launch PropShare Titania. This marks another milestone in our mission in creating a transparent, liquid, and institutional-quality real estate investment platform for individual investors. In a volatile equity market environment, rent-yielding commercial assets like SM REITs are emerging as an alternative investment opportunity for investors,"Kunal Moktan, Co-founder, Property Share said. In December, Property Share Investment Trust floated Rs 353-crore IPO of PropShare Platina, its first SM REIT scheme. SM REITs are a new asset class introduced by the Securities and Exchange Board of India (Sebi) as a sub-class within the REIT framework for assets valued between Rs 50 and Rs 500 crore. Similar to REITs, SM REIT units are required to be listed on the stock exchanges but with a minimum lot size of 1 unit of Rs 10 lakh. Under the framework, SM REITs are not permitted to invest in under-construction assets or land and must distribute 95 per cent of earnings as distributions to unit holders. Kotak Mahindra Capital Company is the sole lead manager to the issue. The units are proposed to be listed on BSE.
Economic Times
08-05-2025
- Business
- Economic Times
Property Share files for Rs 472 crore IPO for second SM REIT scheme
Property Share Investment Trust has filed for a Rs 472 crore IPO for its second SM REIT scheme, PropShare Titania, featuring a fully leased ESG-certified office space in Mumbai with a projected 9% yield and strong tenant profile. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed for an initial public offering (IPO) of up to Rs 472 crore for its second scheme, PropShare Titania, marking a fresh push in the nascent SM REIT IPO, comprising only a fresh issue of units, will be conducted via the book building process in accordance with the Securities and Exchange Board of India (Sebi) regulations for REITs. Up to 75% of the net issue will be allocated to institutional investors, with the remaining 25% reserved for non-institutional Titania consists of a 4,37,973 square foot Grade A+ commercial office space in G Corp Tech Park , Mumbai. The asset, located on Ghodbunder Road in Thane—a part of the Mumbai Metropolitan Region—is fully occupied by a diversified set of tenants including Fortune 500 firms such as Aditya Birla Capital and building has been tenanted for over nine years, with a weighted average lease expiry of 3.3 years and a 5% annual rental escalation built into the asset is ESG-certified, boasting LEED Platinum, WELL Health and Safety, and BEE 5 Star ratings. The scheme projects a distribution yield of 9.0% for FY26 and FY27, and 9.1% for Share Investment Manager, the investment manager to the Trust, will invest a minimum of 5% of the scheme's units from its own capital. It has also announced a waiver of all annual management expenses, including investment and property management fees, for FY26. A nominal 0.5% fee will be charged from FY27 net proceeds from the offering are intended primarily for the acquisition of the G Corp Tech Park asset. The units of PropShare Titania are proposed to be listed on BSE Mahindra Capital is the sole book running lead manager for the issue. KFin Technologies is the registrar, with legal counsel provided by Cyril Amarchand Mangaldas and Trilegal. Axis Trustee Services acts as the Kunal Moktan and Hashim Khan stated the new scheme aims to strengthen Property Share's mission of offering transparent and institutional-grade real estate investments to individuals, particularly as SM REITs emerge as a compelling alternative in a volatile equity market environment.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
08-05-2025
- Business
- Time of India
Property Share files for Rs 472 crore IPO for second SM REIT scheme
Property Share Investment Trust has filed for a Rs 472 crore IPO for its second SM REIT scheme, PropShare Titania, featuring a fully leased ESG-certified office space in Mumbai with a projected 9% yield and strong tenant profile. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed for an initial public offering (IPO) of up to Rs 472 crore for its second scheme, PropShare Titania, marking a fresh push in the nascent SM REIT IPO, comprising only a fresh issue of units, will be conducted via the book building process in accordance with the Securities and Exchange Board of India (Sebi) regulations for REITs. Up to 75% of the net issue will be allocated to institutional investors, with the remaining 25% reserved for non-institutional Titania consists of a 4,37,973 square foot Grade A+ commercial office space in G Corp Tech Park , Mumbai. The asset, located on Ghodbunder Road in Thane—a part of the Mumbai Metropolitan Region—is fully occupied by a diversified set of tenants including Fortune 500 firms such as Aditya Birla Capital and building has been tenanted for over nine years, with a weighted average lease expiry of 3.3 years and a 5% annual rental escalation built into the asset is ESG-certified, boasting LEED Platinum, WELL Health and Safety, and BEE 5 Star ratings. The scheme projects a distribution yield of 9.0% for FY26 and FY27, and 9.1% for Share Investment Manager, the investment manager to the Trust, will invest a minimum of 5% of the scheme's units from its own capital. It has also announced a waiver of all annual management expenses, including investment and property management fees, for FY26. A nominal 0.5% fee will be charged from FY27 net proceeds from the offering are intended primarily for the acquisition of the G Corp Tech Park asset. The units of PropShare Titania are proposed to be listed on BSE Mahindra Capital is the sole book running lead manager for the issue. KFin Technologies is the registrar, with legal counsel provided by Cyril Amarchand Mangaldas and Trilegal. Axis Trustee Services acts as the Kunal Moktan and Hashim Khan stated the new scheme aims to strengthen Property Share's mission of offering transparent and institutional-grade real estate investments to individuals, particularly as SM REITs emerge as a compelling alternative in a volatile equity market environment.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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Business Standard
08-05-2025
- Business
- Business Standard
PSIT files Rs 472 crore IPO for PropShare Titania, its second SM Reit
Property Share Investment Trust (PSIT), India's first registered small and medium real estate investment trust (SM Reit), has filed a draft offer document for an initial public offering (IPO) of PropShare Titania, its second SM Reit scheme. The offering, aggregating up to Rs 472 crore, is entirely a fresh issue. PropShare Titania comprises about 4.4 lakh square feet (sq ft) of grade A+ office space in G Corp Tech Park located in Mumbai. The space is fully occupied by a diversified tenant portfolio comprising Fortune 500 companies, multinational corporations, and blue-chip tenants, including Aditya Birla Capital and Concentrix, the firm stated. The net proceeds are proposed to be utilised primarily for the acquisition of the asset. According to PSIT, the tenants have occupied the building for more than nine years and have a 3.3-year weighted average lease expiry. There is a 5 per cent annual rental escalation across all the tenant leave and licence agreements. The scheme offers investors a projected distribution yield of 9.0 per cent for the financial year 2026 (FY26), 9.0 per cent for FY27, and 9.1 per cent for FY28, PSIT noted. This issue is being made through the book-building process and in compliance with the Reit regulations and the Reit master circular, wherein not more than 75 per cent of the net issue shall be available for allocation on a proportionate basis to institutional investors, and the balance 25 per cent shall be available for allocation to non-institutional investors, in accordance with the Reit regulations. Earlier, in November 2024, PSIT issued a Rs 353 crore IPO for its first scheme, PropShare Platina, which was also an entirely fresh issue. PropShare Titania is located on the main Ghodbunder Road, Thane, a part of the Mumbai Metropolitan Region. The asset, developed by the G Corp Group, is located close to the upcoming metro station on Metro Line 4. Kunal Moktan, co-founder, Property Share, said, 'This marks another milestone in our mission to create a transparent, liquid, and institutional-quality real estate investment platform for individual investors. In a volatile equity market environment, rent-yielding commercial assets like SM Reits are emerging as an alternative investment opportunity for investors.' Additionally, SM Reits are a new asset class introduced by the Securities and Exchange Board of India (Sebi) as a sub-class within the Reit framework for assets valued between Rs 50 crore and Rs 500 crore. Similar to Reits, SM Reit units are required to be listed on the stock exchanges but with a minimum lot size of one unit of Rs 10 lakh. SM Reits are not permitted to invest in under-construction assets or land and must distribute 95 per cent of earnings as distributions to unit holders. Property Share was the first firm to receive the SM Reit licence after Sebi notified the SM Reit regulations in March 2024.
