PropShare Investment Trust has filed draft papers for its third SM REIT scheme, PropShare Celestia, a ₹244.65 crore fresh issue backed by a fully leased Grade A+ office asset in Ahmedabad. With tenants including Smartworks, EFC, and a Swedish telecom multinational, the REIT targets an FY27 yield of 8.4% and a BSE listing.
PropShare Investment Trust, India’s first registered Small and Medium Real Estate Investment Trust (SM REIT), has moved ahead with its third scheme by filing draft IPO documents for PropShare Celestia, signalling continued momentum in fractionalised, institution-grade real estate investment. The company has proposed a fresh issue of up to ₹244.65 crore, with no offer-for-sale component included in the draft filings.
A Fully Leased Grade A+ Asset in Ahmedabad
The scheme’s underlying asset, Project Celestia, is a fully occupied Grade A+ office development in Ahmedabad, featuring a super built-up area of 2,07,838 sq ft. The property has attracted high-quality tenants, positioning the REIT as an attractive option for investors seeking income stability from established occupiers.
The building hosts four major tenants, including three managed-office operators—Smartworks Coworking Spaces, EFC Ltd, and Paragraph Khajanchi Business Centre LLP. The fourth anchor tenant is a listed Swedish telecommunications multinational, which adds further credibility and diversifies the asset profile.
Strong Yield Outlook in a Growing Market
The REIT aims to offer investors exposure to the rapidly expanding commercial market of Ahmedabad, one of India’s fastest-growing office hubs. As per the draft filing, the asset is projected to deliver a yield of 8.4% in FY27, making it competitive with other income-generating real estate instruments while offering lower entry thresholds due to its SM REIT format.
In an official statement, Hashim Khan, co-founder of Property Share, highlighted the scheme’s positioning, stating, “PropShare Celestia continues to offer investors access to a Grade A+ asset at a cost-effective entry point. SM REITs are a new vehicle for real estate assets to be owned and traded, and we are proud to be embarking on this transformation with PropShare Celestia.”
Ambit as Lead Manager, BSE Listing Proposed
Ambit has been appointed the sole lead manager for the issue, while KFin Technologies will serve as the registrar. The units are proposed to be listed on the Bombay Stock Exchange (BSE), expanding liquidity and visibility for investors participating in the SM REIT ecosystem.
Momentum for Flexible Workspace and Institutional-Grade Commercial Assets
With leading managed-office operators among its core tenants, PropShare Celestia underscores the growing integration of flexible workspace providers into premium office developments. The scheme also marks another milestone for the SM REIT category, which is gradually unlocking access to high-quality commercial real estate for a wider pool of retail and HNI investors.
As fractional property investments continue gaining traction, the PropShare Celestia draft filing underscores the evolving landscape of commercial real estate ownership—one that is becoming more transparent, structured, and investor-friendly.
