PropShare Titania SM REIT strategy, share price, and key IPO details
- Krishna Priya
- Jul 15
- 3 min read
The REIT is offering units in the price band of ₹10 lakh to ₹10.6 lakh per unit, with a minimum application size of just one unit.
IPO Snapshot
Total Issue Size: | ₹473.00 Cr |
Fresh Issue: | ₹473.00 Cr |
Offer for Sale: | – |
Price Band: | ₹10,00,000 to ₹10,60,000 per unit |
Lot Size: | 1 unit |
Minimum Investment: | ₹10,00,000 |
Listing: | BSE |
IPO Opens: | 21 July, 2025 |
IPO Closes: | 25 July, 2025 |
Incorporated in June 2024, Property Share Investment Trust is a SEBI-registered Small and Medium Real Estate Investment Trust (SM REIT), offering fractional ownership in high-quality commercial properties. The upcoming scheme, PropShare Titania, is the trust’s second offering, following the successful launch of its first SM REIT in 2024. The trustee of the REIT is Axis Trustee Services Limited, a reputed institution that also acts as a debenture trustee, security trustee, facility agent, and provides escrow agency services.
The REIT’s sole asset is G Corp Tech Park, a premium Grade A+ commercial office building located in Thane, Mumbai Metropolitan Region (MMR) — a rapidly emerging business district with strong infrastructure and connectivity. The REIT holds six fully leased floors spanning 4.38 lakh sq. ft., with tenants such as Aditya Birla Capital, Concentrix, and a Fortune 500 healthcare MNC. The building boasts 100% occupancy and a Weighted Average Lease Expiry (WALE) of 3.2 years, offering a stable and predictable rental income base.
Projected Financial Metrics
Particulars | FY26 | FY27 | FY28 | FY29 |
Yield or Distribution Yield | 9.0% | 9.0% | 9.0% | 8.7% |
NOI Margin (%) | 92.0% | 92.6% | 95.1% | 94.1% |
EBITDA Margin (%) | 69.4% | 85.3% | 84.4% | 84.0% |
Total Expense Ratio | 0.34% | 0.80% | 0.83% | 0.86% |
PropShare Titania is projected to offer a stable distribution yield of 9.0% for the first three financial years post-listing, tapering slightly to 8.7% in FY29. These projected returns are derived from rental income and are expected to be distributed quarterly. With high NOI and EBITDA margins exceeding 90% and 84% respectively, the REIT reflects strong operational efficiency. The Total Expense Ratio remains relatively low, ensuring more of the income is passed on to investors.
Use of Proceeds
The proceeds from the PropShare Titania REIT issue will be primarily used for the acquisition of 100% equity in the Titania SPV, which holds the underlying real estate asset. Additionally, a portion will be utilized to provide a loan to the SPV for the redemption of outstanding debentures (OCDs and accrued interest). The remaining funds will be allocated towards general corporate purposes, ensuring a streamlined ownership structure and debt reduction at the asset level.
Risk
Tenant Concentration Risk: Over 98% of rental income comes from the top 10 tenants, with Aditya Birla Group entities alone contributing over 50%.
Single Asset Exposure:The entire REIT is backed by one commercial property in Thane, Mumbai, making it vulnerable to location-specific risks (e.g., local oversupply, demand shocks),
Litigation Risk:As of March 31, 2025, the SPV (Titania) is involved in tax-related litigations amounting to ₹71.01 crore (₹710.11 million). Though indemnities exist, adverse outcomes could impact cash flows.
Lease Renewal Risk:While current occupancy is 100%, risks remain around early lease terminations, non-renewals, or delays in re-leasing at similar rates.
Valuation Assumptions:The property valuation is based on forward-looking assumptions. There is no guarantee that the actual realizable value will match the estimates.
Liquidity Risk:Being only the second SM REIT in India, the post-listing secondary market liquidity is uncertain, and investors may face difficulty exiting at fair value in the near term.
Disclaimer: This content is for educational purposes only; please conduct your own research and consult with a qualified investment advisor before making any investment decisions.
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