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.

Property Share Investment , the investment manager of PropShare Platina, has announced the financial results for the quarter ended September 30, 2025. The board has declared a distribution of ₹22,017.61 per unit, totaling ₹74.00 million for the unitholders.

Distribution Details

The distribution comprises:

• ₹5,577.88 per unit as interest payment
• ₹16,439.73 per unit as debt repayment

Financial Highlights

For the half year ended September 30, 2025, PropShare Platina reported:

Net Asset Value

The Net Asset Value (NAV) per unit has shown an increase:

This represents a growth in NAV of approximately 1.32% over the previous period.

Occupancy and Leasing

The REIT maintains a strong occupancy rate, with its commercial office space in Prestige Tech Platina fully leased. The weighted average lease expiry (WALE) stands at 8.18 years, indicating long-term stability in rental income.

Market Position

PropShare Platina's asset, located in the Outer Ring Road area of Bengaluru, continues to benefit from the city's position as a prime destination for Global Capability Centers (GCCs). Bengaluru holds approximately 42% of India's GCC footprint, which may support the REIT's future prospects.

Regulatory Notice

The trustee, Axis Trustee Services Limited, has received a show cause notice from SEBI regarding alleged oversight lapses related to another REIT. While no final adjudication has been made, the outcome may have implications for regulatory compliance and governance practices across the REIT sector.

PropShare Platina's financial performance and strategic asset location in Bengaluru's IT corridor continue to underpin its growth trajectory. The increase in NAV and consistent distributions reflect the REIT's ability to generate value for its unitholders in the current market environment.