Property Share files for Rs 244-cr IPO

New Delhi: Property Share Investment Trust, the country's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed the draft IPO papers for its third scheme, PropShare Celestia, with an issue size of up to Rs 244.65 crore.The public issue will comprise only a fresh issue of units, with no offer for sale component, the documents showed.

The underlying asset, Project Celestia, has a super built-up area of 2,07,838 sq ft and is fully occupied. The property has four primary tenants, including three managed-office operators -- Smartworks Coworking Spaces, EFC Ltd (both listed), and Paragraph Khajanchi Business Centre LLP. The fourth anchor tenant is a listed Swedish telecommunications multinational.

With Celestia, investors get access to a Grade A+ asset at a projected yield of 8.4 per cent for FY27 in an exciting and fast-growing new market in Ahmedabad. "PropShare Celestia continues to offer investors access to a Grade A+ asset at a cost-effective entry point.