New Delhi, January 12, 2026 Property Share Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust, has filed draft offer documents for its third SM REIT scheme, PropShare Celestia, proposing to raise up to ₹244.65 crore through an initial public offering.
Issue Structure and Listing Details
The proposed public issue will comprise only a fresh issue of units, with no offer-for-sale component. The units are proposed to be listed on the BSE, providing investors a listed platform to participate in income-generating commercial real estate.Ambit is acting as the sole lead manager to the issue, while KFin Technologies has been appointed as the registrar.
Asset Profile and Occupancy
The underlying asset for the scheme, Project Celestia, has a super built-up area of 2,07,838 square feet and is fully occupied, ensuring immediate rental income visibility.The property houses four key tenants, including three managed-office operators:
| Tenant Category | Tenant Name | Listing Status |
|---|---|---|
| Managed Office | Smartworks Coworking Spaces | Listed |
| Managed Office | EFC Ltd | Listed |
| Managed Office | Paragraph Khajanchi Business Centre LLP | Unlisted |
| Anchor Tenant | Swedish telecommunications multinational | Listed |
Yield Outlook and Investment Rationale
According to the draft documents, PropShare Celestia offers investors exposure to a Grade A+ commercial office asset with a projected yield of 8.4 percent for FY27. The property is located in Ahmedabad, a market that continues to see rising demand from managed-office operators and multinational occupiers.Commenting on the filing, Hashim Khan, Co-founder of Property Share, said the scheme provides a cost-effective entry point into institutional-grade real estate while expanding access to a new investment structure through SM REITs.
About Property Share Investment Trust
Property Share Investment Trust sponsors and manages SM REIT schemes focused on income-generating commercial real estate assets in India. The trust aims to offer investors access to institutional-quality properties through a regulated, listed structure with potential for stable yields and long-term value creation.
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