Property Share Files For ₹485-Cr IPO Of Fourth SM REIT Scheme

Property Share Investment Trust, the country's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed draft IPO papers for its fourth scheme -- PropShare Lumina -- with an issue size of up to ₹485 crore.

The offering would give retail investors access to commercial assets historically restricted to institutional buyers.

"The Trust by way of PropShare Lumina is issuing Lumina units for cash aggregating up to ₹4,846.80 million," Property Share Investment Trust said.

Through its fourth scheme, PropShare Lumina, the Trust offers a stake in two towers at the OESPL Business Centre located in Noida. PropShare Lumina has a super built-up area of 4,37,025 sq ft and is 100% leased to a diversified portfolio of 19 tenants.

"PropShare Lumina represents the type of institutional-quality commercial real estate we seek for our investors, a fully leased Grade A+ office asset in one of Noida's established business districts with a diversified tenant base and stable rental income," Kunal Moktan, Co-founder, Property Share, said in a statement.

SM REITs are a newly regulated asset class by the Securities and Exchange Board of India (Sebi) to provide smaller investors with a safe and structured way to own commercial properties. Similar to REITs, SM REIT units must be listed on the stock exchanges. These trusts are restricted to investing in fully completed properties valued between ₹50 crore and ₹500 crore.

HDFC Bank is the sole lead manager for the issue, while KFin Technologies is the registrar. The units are proposed to be listed on BSE.