Property Share Investment Trust Filed DRHP For ₹353 Crore IPO

Property Share Investment Trust, a small and medium real estate investment trust has recently filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) to float a ₹353 crore initial public offering (IPO). Property Share Investment Trust IPO will be a fresh issue of Platina units, with no offer for sale.

ICICI Securities Limited has been appointed as the sole lead manager to the Property Share Investment Trust and the Investment Manager in relation to PropShare Platina. In addition, KFin Technologies Ltd is the registrar of the offer. Axis Trustee Services Limited is the Trustee for the Issue, and PropShare Investment Manager Private Limited is the Investment Manager for the offer. The units are proposed to be listed on BSE.

Use of Proceeds

As per DRHP, the company would use the proceeds from the offer mainly for acquiring the Prestige Tech Platina asset by the Platina SPVs (special purpose vehicles), with any remaining funds allocated for other general corporate purposes.

About Property Share Investment Trust

The Property Share Investment Trust (REIT) is India’s first registered Small and Medium Real Estate Investment Trust. The object and purpose of the REIT is to carry on the activity of a small and medium real estate investment trust through one or more Schemes, as permitted under the REIT Regulations.

PropShare Platina includes 246,935 square feet of office space within Prestige Tech Platina, a LEED Gold-certified office building situated on Outer Ring Road in Bengaluru. The space is set to be entirely leased to a US-based tech company under a new nine-year lease agreement, featuring a 4.6-year weighted average lock-in period and a 15% rent escalation every 3 years.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.