Property Share files offer document for Rs 353 crore IPO of India's first SM REIT
The price band for the Issue is Rs 10 lac to Rs 10..5 lac per unit, and it will open for subscription on 2nd December, 2024. The minimum bid size is 1 unit. “The IPO is a fresh issue of Platina units with no offer-for-sale component. The Offer Proceeds are proposed to be utilised primarily for acquiring the Prestige Tech Platina asset by the Platina SPVs, with the remaining utilised for other general corporate purposes,” the company said.
“We believe SM REITs like PropShare 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. With PropShare Platina, we are proud to be the first firm to bring this product to the Indian financial markets,” said Kunal Moktan, Director of Property Share.
PropShare Platina comprises around 2.46 lakh sq ft of office space in Prestige Tech Platina, on Outer Ring Road (ORR), Bangalore, developed by the Prestige group and proposed to be fully leased to a US-based tech company through a fresh 9-year lease with a 4.6 year weighted average lock-in and escalation in rents every 3 years.
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