Property Share plans to raise 353 crore through an IPO for India's first SM REIT program
By Bricksnwall | 2024-09-29
The IPO is a fresh issuance, with no offer-for-sale
component, and funds will be utilised primarily for the acquisition of the
Prestige Tech Platina asset.
Property Share Investment Trust, India's first SM
REIT, has filed for an IPO of its PropShare Platina plan, valued at up to ₹353
crore.
The IPO is a new issue with no offer-for-sale
component, and the revenues will be used primarily to acquire the Prestige Tech
Platina asset, according to the draft papers submitted on Thursday.
SM REITs are a new asset class regulated by Sebi.
They target assets valued between ₹50-500 crore and distribute 95% of earnings
to investors.
PropShare Platina offers 246,935 square feet of
office space in Bengaluru's Prestige Tech Platina skyscraper. The facility will
be leased to a US-based technology firm for nine years, with rent increasing by
15% every three years. Investors are expected to obtain a 9% payout yield in
FY26.
Property Share was founded by Kunal Moktan and Hashim Khan, both having extensive real estate experience, and today employs a senior team with 62 years of combined experience.
Source: Hindustan Times
