Property Share Investment Trust files draft paper with Sebi to launch its SM-REIT public issue, raising up to Rs 353 crore for 'PropShare Platina' scheme. The REIT comprises office space in Bengaluru and offers a projected FY26 distribution yield of 9 per cent.
Photograph: Kind courtesy Cadeau Maestro from Pexels
New Delhi, Sep 27 (PTI) Property Share Investment Trust has filed a draft document with Sebi to launch its Small and Medium Real Estate Investment Trust (SM-REIT) public issue to raise up to Rs 353 crore.
Property Share Investment Trust (PSIT) -- India's first registered Small and Medium Real Estate Investment Trust -- has filed the draft trust offer document and draft scheme offer document for 'PropShare Platina', the first scheme under PSIT aggregating up to Rs 353 crore.
PropShare Platina comprises 2,46,935 sq ft of office space in Prestige Tech Platina, a LEED Gold office building located on Outer Ring Road (ORR), Bengaluru, proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6-year weighted average lock-in and 15 per cent escalation in rents every 3 years.
The scheme offers investors a projected FY26 distribution yield of 9 per cent.
Property Share will also invest a minimum 5 per cent of the units of the scheme or Rs 17.6 crore from its capital into the offering as the investment manager contribution.
The IPO is entirely a fresh issue of Platina units with no offer for sale component.
The proceeds are proposed to be utilised primarily for acquisition of the Prestige Tech Platina asset by the Platina SPVs (special purpose vehicles).
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