Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has submitted draft IPO documents for its third scheme, PropShare Celestia, marking another milestone in the evolving SM REIT landscape. The public offering represents a significant opportunity for investors to access premium real estate assets through a structured investment vehicle.

IPO Structure and Financial Details

The PropShare Celestia scheme carries an issue size of ₹244.65 crore, consisting entirely of new units with no existing units being offered for sale. This structure ensures that all proceeds will be directed toward the underlying asset and operational requirements.

Asset Profile and Tenant Composition

Project Celestia, the underlying asset, spans a super built-up area of 2,07,838 square feet and maintains full occupancy across its tenant base. The property houses four main tenants that provide diversified revenue streams and operational stability.

The tenant mix includes:

• Smartworks Coworking Spaces - Managed-office operator
• EFC Ltd - Managed-office operator
• Paragraph Khajanchi Business Centre LLP - Managed-office operator
• Swedish telecommunications multinational - Corporate tenant

This tenant composition ensures complete occupancy while providing exposure to both the growing managed-office segment and established corporate operations.

Market Positioning and Investment Appeal

PropShare Celestia offers investors access to Ahmedabad's expanding commercial real estate market through a Grade A+ asset. The projected yield of 8.40% for FY27 positions the scheme competitively within the real estate investment landscape, providing investors with a cost-effective entry point into premium asset ownership.

Hashim Khan, co-founder of Property Share, emphasized the transformational nature of the offering, stating the company's pride in embarking on this development with PropShare Celestia. The SM REIT structure represents an innovative approach to real estate ownership and trading, democratizing access to institutional-quality assets.

IPO Management and Listing Details

Ambit has been appointed as the sole lead manager for the IPO, bringing expertise in capital markets and real estate investment trusts to ensure smooth execution. KFin Technologies will serve as the registrar for the offering, handling unit allocation and investor servicing requirements.

The units are planned for listing on the BSE, providing investors with liquidity and trading accessibility once the scheme becomes operational. This listing will enable investors to buy and sell units based on market conditions and investment objectives.

The PropShare Celestia scheme represents the continued evolution of SM REITs in India's real estate investment ecosystem, offering structured access to commercial properties while maintaining professional management and regulatory oversight.

Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed draft IPO papers for its third scheme, PropShare Celestia, marking another milestone in the country's evolving real estate investment landscape. The public issue is sized at up to Rs 244.65 crore and comprises exclusively fresh units with no offer for sale component.

Asset Details and Occupancy Profile

The underlying asset, Project Celestia, presents a compelling investment opportunity with strong fundamentals. The property specifications and tenant composition demonstrate the quality of this Grade A+ asset.

The property houses four primary tenants, creating a diversified revenue stream. Three of these are managed-office operators: Smartworks Coworking Spaces, EFC Ltd (both listed companies), and Paragraph Khajanchi Business Centre LLP. The fourth anchor tenant is a listed Swedish telecommunications multinational, adding international corporate presence to the tenant mix.

Investment Proposition and Market Positioning

PropShare Celestia offers investors access to institutional-grade real estate in Ahmedabad's growing commercial market. The projected yield of 8.40% for FY27 positions this SM REIT competitively in the current investment landscape. Hashim Khan, co-founder of Property Share, emphasized the strategic value proposition: "PropShare Celestia continues to offer investors access to a Grade A+ asset at a cost-effective entry point. SM REITs are a new vehicle for real estate assets to be owned and traded, and we are proud to be embarking on this transformation with PropShare Celestia."

Issue Structure and Market Intermediaries

The IPO structure reflects a straightforward approach focused on raising fresh capital for the trust. Key details of the public offering include:

This third SM REIT scheme from Property Share Investment Trust continues the company's pioneering role in democratizing access to commercial real estate investments. The fully occupied nature of Project Celestia, combined with its diverse tenant base and prime location, provides a foundation for stable returns in the emerging SM REIT segment of India's capital markets.