Property Share Investment Trust REIT IPO: Check IPO Date, Lot Size, Price & Details

Introduction:

Property Share Investment Trust (PSIT) is India’s first SEBI-registered Small and Medium Real Estate Investment Trust (SM REIT), offering retail and institutional investors fractional ownership in high-grade commercial real estate assets. PSIT was incorporated on February 21, 2025, and registered with SEBI on August 5, 2024.

PropShare Titania is the second scheme under PSIT and is structured to acquire 100% equity ownership in Eranthus Developers Private Limited, also known as the Titania SPV. The SPV owns six fully leased floors (4,37,973 sf) in G Corp Tech Park, a Grade A+ commercial asset in Thane, Mumbai Metropolitan Region (MMR). The property is leased to a high-quality tenant base, including Aditya Birla Capital, Concentrix, and a Japanese MNC. This scheme allows investors to tap into a well-leased, cash-flow-generating commercial real estate asset with strong visibility of income and potential capital appreciation.

IPO Details:

Objectives of Issue:

• Acquisition of 100% equity interest in Titania SPV (Eranthus Developers Pvt Ltd).
• Extending a loan to Titania SPV for redemption of outstanding debentures (both OCDs and interest).
• Meeting general corporate purposes of the Trust.

Key Strengths:

• Fully Leased, Grade A+ Asset with Blue-chip Tenancy- G Corp Tech Park, the underlying asset of Titania SPV, is a Grade A+ commercial office space located in Thane, MMR – a rapidly developing micro-market in Mumbai. With a total leasable area of 437,973 sf, the property is 100% leased across 11 tenants via 16 leave and license agreements. Tenants include marquee names such as Aditya Birla Capital, Concentrix, and a Japanese MNC conglomerate, ensuring rent stability and timely payments. This high occupancy with premium tenants reflects the asset's quality, location advantage, and management strength, making it a strong income-generating platform for investors.
• Strong Visibility on Yield and Distributions- PropShare Titania offers a robust distribution yield of ~9.0% for FY26–FY28 and ~8.7% for FY29, as per projections. The scheme will distribute 100% of the Net Distributable Cash Flows (NDCF) at the scheme level on a quarterly basis, ensuring steady and predictable income for investors. Given the long-term nature of leases, low vacancy risk, and built-in escalations in rental agreements, the projected yield offers strong visibility and is significantly higher than traditional fixed income instruments.
• Strategic Location in a High-Growth Corridor - Thane, MMR is fast emerging as a preferred destination for commercial real estate due to growing connectivity, infrastructure investments, and availability of large contiguous office spaces. G Corp Tech Park is situated in a highly accessible corridor, enhancing its attractiveness for multinationals and large corporates. The micro-market is also supported by residential catchments and improving social infrastructure, offering strong potential for capital appreciation in the medium to long term.
• Backed by Experienced Institutional Sponsors and Professional Management- The sponsors of Titania SPV—GOF I (Master A) Pte. Ltd. and Anamudi Real Estates LLP—are institutional-grade investors with strong track records. The Investment Manager, PSIT Investment Manager Private Limited, is led by professionals with deep domain expertise in real estate investment and fund management. Their stewardship ensures rigorous governance, operational transparency, and adherence to compliance standards, which significantly de-risks the investment proposition for unitholders.

Risks

• Concentration Risk Due to Single Asset Structure - PropShare Titania's portfolio comprises a single commercial asset in Thane. While the asset is fully leased and income-generating, it exposes the scheme to geographic and tenant concentration risks. Any adverse development in the Thane sub-market—be it regulatory, economic, or infrastructural—could disproportionately impact cash flows and valuations due to the lack of asset or regional diversification.
• Tenant Dependency Risk and Lease Expiry Clustering - While the tenant base is diversified across 11 clients, a significant portion of the rental income is concentrated among a few major tenants. Additionally, the weighted average lease expiry (WALE) is 3.2 years, with certain lease expirations occurring in FY27–FY28. This could pose a risk if tenants choose not to renew or renegotiate at lower rents, especially under adverse market conditions.
• Litigation and Tax Risk at the SPV Level- The Titania SPV has several pending tax-related litigations with a total exposure of approximately ₹710 million, including direct tax and GST cases. While management believes these cases have merit, an adverse judgment could lead to financial liabilities, reputational risks, or cash flow disruptions for the REIT.

Financial Snapshot: