PropShare Platina IPO: PropertyShares Investment Trust, India’s first registered small and medium real estate investment trust, announced on Monday that PropShares Platina’s Rs 353 crore initial public offering (IPO) will open on December 2nd. PropShares Platina is the first scheme of SM-REIT-PropertyShares Investment Trust. The IPO, which is a pure fresh issue of Platina units with no offer for sale (OFS) component, will close on December 4th.
Read More: Stocks To Watch: Wipro, HUL, GQG Partners, Adani Group, Vedanta Resources
The price band for this issue is Rs 10 lakh to Rs 10.5 lakh per unit, according to PropertyShares Investment Trust (PSIT) in a statement. The IPO proceeds are planned to be utilized primarily for the acquisition of Prestige Tech Platina assets by Platina SPV (special purpose vehicle).
We believe that SM REITs like PropShares Platina provide investors with an alternative asset class with hybrid returns in the form of regular rental yields and capital appreciation of the underlying real estate, said Kunal Moktan, Director, of PropertyShares.
Read More: Stock Market Updates: Sensex Gains Over 250 Points, Nifty Above 24,250; Voda Idea Up 16%
PropShares Platina comprises 2,46,935 sq ft of office space in Prestige Tech Platina, a LEED Gold office building located on Bengaluru’s Outer Ring Road (ORR), which is proposed to be completely leased to a US-based tech company through a new 9-year lease with a weighted average lock-in of 4.6 years and a 15 per cent escalation in rent every 3 years. The plan offers investors an estimated distribution yield of 9 per cent for FY 2026, 8.7 per cent for FY 2027, and 8.6 per cent for FY 2028.
Read More: Enviro Infra Engineers IPO Closes Today: GMP Climbs After Strong Subscription
SM REIT’s direct investment model allows investors to invest in a particular property, tenant, and micro-market of their choice, keeping investors at the forefront of the decision-making process, said Hashim Khan, Director, of Property Shares. ICICI Securities is the sole lead manager for the offer. The units are planned to be listed on the BSE.
