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Property Share Investment Trust is launching an INR 473 crore initial public offering (IPO) for PropShare Titania, its second Small and Medium Real Estate Investment Trust (SM REIT), with the public issue scheduled to open shortly. The IPO involves only a fresh issue, with units priced between INR 10 lakh and INR 10.6 lakh. Funds raised will be allocated for acquiring Titania SPV, loan repayments, and corporate expenses. PropShare Titania comprises a fully-leased 4.37 lakh sq ft office space in G Corp Tech Park, Mumbai, with Fortune 500 and blue-chip tenants.
Property Share Investment Trust has announced plans to raise INR 473 crore through the initial public offering (IPO) of PropShare Titania, its second Small and Medium Real Estate Investment Trust (SM REIT) initiative. The public issue is expected to open shortly and will close four days after its launch. The pricing range has been fixed between INR 10 lakh and INR 10.6 lakh per unit. Advertisement
This IPO comprises a fresh issue of units in the PropShare Titania trust and does not include any Offer For Sale (OFS) component, as confirmed by the trust. The funds raised will be used for multiple purposes, including the acquisition of Titania SPV, for which INR 217 crore has been earmarked. An additional INR 232.94 crore will be lent to the SPV to help repay debenture liabilities, including the redemption of optionally convertible debentures (OCDs) and associated interest. The remaining capital will be allocated towards general corporate requirements.
The PropShare Titania SM REIT holds a commercial property spanning 437,973 sq ft of office space in G Corp Tech Park, located in Mumbai. The asset is entirely leased to a diverse base of tenants that includes multinational corporations, Fortune 500 firms, and blue-chip clients. Among the notable occupiers are Aditya Birla Capital and Concentrix.
This development follows the earlier launch of the trust's first SM REIT scheme-PropShare Platina-which had a public issue worth INR 353 crore. That offering was introduced in December and marked Property Share's entry into the SM REIT segment.
SM REITs form a relatively new investment category, introduced by the Securities and Exchange Board of India (SEBI) as a subset of the broader REIT framework. These trusts cater to assets valued between INR 50 crore and INR 500 crore. Unlike traditional REITs, SM REITs must limit their investments to completed, income-generating assets and are barred from investing in land or properties under development. Furthermore, they are mandated to distribute 95 per cent of their earnings to unit holders. SM REIT units must be listed on stock exchanges, and each unit must be sold in a minimum lot size of INR 10 lakh.
Kotak Mahindra Capital Company has been appointed as the sole lead manager for the PropShare Titania issue. The units are expected to be listed on the BSE.
The fully leased status of the Titania asset, coupled with its premium tenant profile and location in Mumbai's G Corp Tech Park, provides a compelling proposition for high-ticket investors seeking stability and returns. With the trust's debut SM REIT already in the market, this second offering marks a continued push to democratise institutional-grade real estate investment through SEBI's SM REIT framework.
Source - PTI
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