Mumbai/Bengaluru, 15th July, 2025: Property Share Investment Trust (“SM REIT”), India’s first registered Small and Medium Real Estate Investment Trust, has filed the Key Information of the Trust and Key Information of the Scheme (“Offer Documents”) for PropShare Titania, their second scheme under the trust aggregating to up to Rs 473 crore.
The Bid/Issue opens Monday, July 21, 2025 and closes Friday, July 25, 2025. The price band for the Issue is ₹ 10.0 lakhs to ₹ 10.6 Lakhs per Titania Unit. The minimum bid size is Rs 10,00,000 the minimum investment amount. Bids can be made for a minimum of 1 Titania Unit and in multiples of 1 Titania Unit thereafter by bidders.
The IPO comprises of a fresh issue of Titania Units with no offer for sale component (the “Issue”). This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors and balance 25% of the Net Issue shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
Property Share will also invest a minimum 5% of the Titania Units of the scheme from its capital into the offering as the Investment Manager contribution.
PropShare Titania comprises of a 4,37,973 square feet Grade A+ office space in G Corp Tech Park located in Thane, Mumbai Metropolitan Region, with ESG Certifications including LEED Platinum (O&M), WELL Health and Safety rating and BEE 5-star certifications. It is 100% occupied by a diversified tenant portfolio comprising Fortune 500 companies, MNCs and blue-chip tenants including Aditya Birla Capital and Concentrix. The scheme offers investors a projected distribution yield of 9.0% for FY26, FY27, FY28 and 8.7% for FY29.
PropShare Titania is located on the main Ghodbunder Road, Thane, which is part of the Mumbai Metropolitan Region. Thane has a large residential catchment area with robust social infrastructure (Source: JLL Report).
The Investment Manager to the Trust is Property Share Investment Manager Private Limited. The Net Proceeds are proposed to be utilized to the extent of Rs 217.00 crore for acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the Share Purchase Agreement; Rs 232.94 crore for providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and general corporate purposes.
Kunal Moktan, Co-founder, Property Share said “After the success of our first scheme of SM REIT, we are excited to launch PropShare Titania. This marks another milestone in our mission in creating a transparent, liquid, and institutional-quality real estate investment platform for individual investors. In a volatile equity market environment, rent-yielding commercial assets like SM REITs are emerging as an alternative investment opportunity for investors.”
Hashim Khan, Co-founder, Property Share said “PropShare Titania continues to offer investors access to a Grade A+ commercial assets at an attractive entry point. SM REITs are a new vehicle for real estate assets to be owned and traded, and we are proud to be embarking on this transformation with PropShare Titania.”
Property Share has an experienced team comprising 45 members having academic pedigree from leading IITs and IIMs with institutional investing experience across leading international and domestic real estate funds. 11 of its senior investing team come with a cumulative experience of 63 years in commercial real estate investing in India.
Kotak Mahindra Capital Company Limited is the sole lead manager (“BRLM”) to the Issue and KFin Technologies Ltd is the Registrar to the Issue. Cyril Amarchand Mangaldas is the domestic legal counsel for the Trust and Investment Manager in relation to the Issue and Trilegal is the domestic legal counsel for the sole lead manager in relation to the Issue. Axis Trustee Services Limited is the Trustee for the Issue, and PropShare Investment Manager Private Limited is the Investment Manager for the Issue.. The Titania Units are proposed to be listed on BSE Limited (“BSE”).
About SM REITs
SM REITs are a new asset class introduced by the Securities and Exchange Board of India as a sub-class within the REIT framework for assets valued between Rs. 50-500 crores. Similar to REITs, SM REIT units are required to be listed on the stock exchange(s) but with a minimum lot size of 1 unit of ₹ 10.0 lakhs. SM REITs are not permitted to invest in under-construction assets or land and must distribute 95% of earnings as distributions to unit holders.
About Property Share
Property Share was the first firm to receive the SM REIT license after the securities market regulator Securities and Exchange Board of India notified the SM REIT regulations in March 2024. India’s 1st SM REIT scheme - PropShare Platina was listed on the BSE in December 2024 by Property Share.
Property Share was founded in 2015 by Hashim Khan and Kunal Moktan. Prior to this, Kunal spent more than 7 years at global real estate fund - The Blackstone Group, investing in Indian real estate. He holds a Post Graduate Diploma in Management from the Indian Institute of Management (Ahmedabad). Hashim has more than 8 years of experience in real estate investing at AltInvest Online Platform Private Limited. Hashim holds a bachelor’s degree in technology from the Indian Institute of Technology (Kanpur) and a Post Graduate Diploma in Management from the Indian Institute of Management (Ahmedabad).
Along with Kunal and Hashim, Property Share’s board consists of Ben Cassey – a chartered surveyor with extensive UK real estate experience; Jagdish. C Sharma – a chartered accountant with over twenty years of experience in real estate, including nine years as vice chairman and managing director at Sobha Limited; Rachna Dikshit – a seasoned banking professional, having senior roles at the Reserve Bank of India; and Ramakrishnan Seshan – an IIM-Calcutta alumnus with over twenty years of experience in retail banking and wealth management industry, including over eleven years as head of wealth and private banking at Hongkong and Shanghai Banking Corporation (HSBC) Limited.
Property Share’s holding company, AltInvest Online Platform Private Limited, is backed by alternative institutional investors including Westbridge Capital, Lightspeed India, BEENEXT and Pravega Ventures.
Disclaimer: (*)
DISCLAIMER YOU MUST READ THE FOLLOWING DISCLAIMER BEFORE CONTINUING. IMPORTANT:
You must read and agree with the terms and conditions of the following disclaimer before continuing. This press release contains selected information about the activities of Property Share Investment Trust, its second scheme PropShare Titania its schemes, portfolio and the parties to the Trust and (collectively, referred here as the "Trust") and affiliates (together, the "Group") settled by the Property Share Investment Manager Private Limited (the "Investment Manager") as at the date of this press release. It does not purport to present a comprehensive overview of the Group or contain all the information necessary to evaluate an investment in the Trust. this press release (the “Material”) are being made in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as amended. In accessing the Material, you agree and acknowledge that the Material does not constitute an offer to sell or an invitation to subscribe to any securities offered by the Trust, its schemes and portfolio and the parties to the Trust in any jurisdiction and to any person. Further, you acknowledge and agree that any investment in the Trust or its schemes or portfolio shall be pursuant to offering of securities undertaken by the Trust and its investment manager undertaken in the manner permitted by applicable law and for taking an investment decision, investors must rely on their own examination of the securities, at the time of the offer, including the risks involved. Additionally, the Material must be read along with the risk factors and Key Information of the Scheme and Key Information of the Trust filed with the SEBI, stock exchange and available on the websites of the lead manager, Trust and Investment Manager. 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