India’s first registered Small and Medium Real Estate Investment Trust (SM REIT) Property Share Investment Trust has filed a draft document for its second SM REIT scheme, Proposhare Titania for an initial public issue (IPO) of Rs 472 crore. According to PTI news, the Propasaire Investment Trust said in a statement on Thursday that the IPO includes a new issue of Titania units, which does not have a proposal for sale (OFS) component.
4,37,973 sq ft office place of Grade A+
According to the news, 4,37,973 sq ft of Grade A+ with ESG certification at G. Corp Tech Park in Mumbai in Propesare Titania. It is completely occupied by diverse tenant portfolio, including Fortune 500 companies, MNC and Aditya Birla Capital and Blue-Chip Tenants including Consentrix. The trust stated that tenants have been occupying the building for more than nine years and the building has a 3.3 -year -old weighted average lease expiration.
Where will be used
All tenant leave and license agreements have 5 percent annual fare hike. The scheme provides an estimated distribution of 9 percent to investors for FY 2026 and FY 2027, while 9.1 percent for FY 28. The income received from this issue is mainly proposed to be used for the acquisition of assets. The Propesare Titania is located on the main Ghodbandar Road of Thane, which is part of the Mumbai metropolitan area. Thane has a large residential area with strong social infrastructure.
Alternative investment opportunity for investors
Property share co-founder Kunal Maktan said that in unstable equity market environment, fare-up commercial properties such as SM REIT are emerging as an alternative investment opportunity for investors. In December, the Property Share Investment Trust released an IPO of Rs 353 crore of its first SM Reit Scheme, Propshare Platina. The SM Reits, the Securities and Exchange Board of India (SEBI), is a new asset class introduced as a sub-group within the Reit structure for assets between Rs 50 to 500 crore.
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