Property Share files for ₹353-cr IPO for India's first SM REIT scheme

The IPO is a fresh issue, with no offer-for-sale component and proceeds will be mainly used for acquisition of the Prestige Tech Platina asset

Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust (SM REIT), has filed documents for an IPO of its PropShare Platina scheme, worth up to ₹353 crore.

Property Share Investment Trust, India's first Small and Medium Real Estate Investment Trust (SM REIT), has filed documents for an IPO of its PropShare Platina scheme (Picture only for representational purpose) (HT Files)

The IPO is a fresh issue, with no offer-for-sale component and proceeds will be mainly used for acquisition of the Prestige Tech Platina asset, according to the draft papers filed on Thursday.

SM REITs, a new asset class regulated by markets regulator Sebi, target assets valued between ₹50-500 crore and are required to distribute 95 per cent of earnings to investors.

PropShare Platina includes 246,935 sq ft of office space in the Prestige Tech Platina building in Bengaluru. The property will be leased to a US-based tech firm for nine years, with rent increasing 15 per cent every three years. Investors are projected to receive 9 per cent distribution yield for FY26.

Property Share was founded by Kunal Moktan and Hashim Khan, both with extensive real estate experience, and boasts a senior team with 62 years of combined experience.

ICICI Securities is the lead manager, and the units will be listed on BSE.