Property Share Files Rs 472-Cr IPO for PropShare Titania REIT

Property Share Investment Trust, India's first registered Small and Medium Real Estate Investment Trust (SM REIT), has filed for a Rs 472 crore Initial Public Offering (IPO) for its second scheme, PropShare Titania. The IPO, consisting solely of a fresh issue of units and no offer-for-sale component, will primarily fund the acquisition of a fully occupied, ESG-certified Grade A+ office asset in Mumbai's G Corp Tech Park. The asset boasts a diversified tenant base, including Fortune 500 companies like Aditya Birla Capital and Concentrix, with long-term leases and a 5% annual rental escalation. The scheme offers projected distribution yields of 9% for FY26 and FY27, rising to 9.1% in FY28. The issue is structured to allocate 75% to institutional investors and 25% to non-institutional investors, with Property Share committing at least 5% of its own capital to the offering. As an added incentive, all annual management expenses are waived for FY26, with only a nominal 0.5% fee from FY27 onward.