Property Share Investment Trust (PSIT), India’s first registered Small and Medium Real Estate Investment Trust (SM-REIT), has filed draft documents with SEBI to raise up to Rs 353 crore through a public issue. The funds will be raised under a new scheme, ‘PropShare Platina,’ which marks the first scheme by PSIT.
PropShare Platina will comprise 2,46,935 square feet of office space in Prestige Tech Platina, a LEED Gold-certified building located on Bengaluru’s Outer Ring Road (ORR). The property is set to be leased to a US-based tech company for a 9-year term, with a 4.6-year weighted average lock-in and a 15 percent rent escalation every three years.
It is a scheme that offers investors attractive returns, with a projected FY26 distribution yield of 9 percent.
Property Share, the investment manager, will contribute 5 per cent of the total units, or Rs 17.6 crore. Of the Rs 353 crore that it plans to raise, the entire amount will be a fresh issue of units with no offer for sale component. The money it raises will be used largely to fund the acquisition of the Prestige Tech Platina asset through Platina SPVs.
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Source: Moneycontrol
News Desk
