Property Share Investment Trust (SM REIT), India’s first registered Small and Medium Real Estate Investment Trust, has filed the Draft Key Information Documents for its second scheme under the trust, named PropShare Titania. The public offering is expected to raise up to ₹472 crore and will consist entirely of a fresh issue of units, with no offer-for-sale component.
The issue will follow the Book Building Process as outlined in the SEBI REIT Regulations and the REIT Master Circular. Up to 75% of the net issue will be allocated to institutional investors on a proportionate basis, while the remaining 25% will be available for non-institutional investors. In compliance with regulatory requirements, Property Share will invest a minimum of 5% of the units from its own capital as the Investment Manager’s contribution.
PropShare Titania comprises a 437,973 square foot Grade A+ office space in G Corp Tech Park, located in Thane on Ghodbunder Road, part of the Mumbai Metropolitan Region. The asset has received ESG-related certifications such as LEED Platinum, WELL Health and Safety rating, and a BEE 5 Star certification. It is currently fully occupied by a mix of long-term tenants, including Fortune 500 companies and multinational corporations such as Aditya Birla Capital and Concentrix. These tenants have maintained an average occupancy of over nine years, with a weighted average lease expiry of 3.3 years and a standard annual rental escalation of 5%.
The projected distribution yield for investors stands at 9.0% for the financial years 2026 and 2027, and 9.1% for 2028. The net proceeds from the issue will primarily be used for the acquisition of the underlying asset. As an additional measure, Property Share has announced a waiver of all annual management expenses for the financial year 2026. From the following year, a nominal fee of 0.5% will be applicable.
The Investment Manager for the scheme is Property Share Investment Manager Private Limited. The issue is being managed by Kotak Mahindra Capital Company Limited as the sole book running lead manager. KFin Technologies Ltd will serve as the registrar. Cyril Amarchand Mangaldas is acting as legal counsel for the Trust and Investment Manager, while Trilegal is representing the lead manager. Axis Trustee Services Limited has been appointed as the trustee for the offering. The units of PropShare Titania are proposed to be listed on the BSE.
