Property share files for Rs 4,846.80 million IPO of its 4th scheme

Property Share Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust, has filed the Draft Key Information of the Scheme for PropShare Lumina, the fourth scheme under the Trust aggregating up to Rs. 4,846.80 million.

The Trust by way of PropShare Lumina is issuing Lumina Units for cash aggregating up to Rs 4,846.80 million. This Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the REIT Master Circular, 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.

The fourth scheme, PropShare Lumina represents the Scheme’s offering across two towers in OESPL Business Centre, a Grade A+ sustainable asset located in Sector 62, 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 with strong creditworthiness, including marquee multinational tenants such as US-based Global workforce management SaaS, leading EPC infrastructure solutions provider, Co-working and managed office player, leading telecom tower infrastructure operator among others.

Other smaller units are occupied by a leading Japanese industrial gas company, Global AI-powered BPO provider, one of the leading travel healthcare recruitment company, IT services and consulting firm and 11 other tenants.

The asset is located in Sector 62 – Noida’s prime IT/ITeS commercial hub and one of the most institutional locations at the intersection of major infrastructure developments like the Delhi Blue line metro and Noida’s Aqua line metro.

PropShare Lumina offers a projected distribution yield of 8.20% for FY27, 8.40% for FY28, 9.00% for FY29 and 9.30% for FY30. (Note: These projected distribution are subject to assumptions prescribed under the DKIS.)

Kunal Moktan, Co-founder, Property Share said “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. We remain focused on bringing professionally managed, income-generating assets to investors through the SM REIT structure.”

Hashim Khan, Co-founder, Property Share said “SM REITs are reshaping how investors participate in commercial real estate by making institutional-grade assets more accessible within a regulated framework. PropShare Lumina continues this vision by offering investors exposure to a high-quality office asset that was historically available primarily to large institutions.” 

HDFC Bank Limited is the sole lead manager to the Issue and KFin Technologies Limited is the registrar 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 Units are proposed to be listed on BSE Limited.