Property Share files for ₹484 crore IPO of its fourth SM REIT scheme

Property Share Investment Trust has filed draft papers for its fourth SM REIT scheme, PropShare Lumina, aiming to raise up to ₹484.68 crore through a fully leased Grade A+ office asset in Noida

Property Share Investment Trust, India's first registered small and medium real estate investment trust (SM REIT), has filed the draft key information of the scheme (DKIS) for PropShare Lumina, its fourth scheme, aggregating up to Rs 484.68 crore.

 

The trust, by way of PropShare Lumina, is issuing Lumina units for cash aggregating up to Rs 484.68 crore. The scheme represents an offering across two towers in OESPL Business Centre, a Grade A+ sustainable asset in Noida.

 

PropShare Lumina has a super built-up area of 437,025 square feet and is 100 per cent leased to a portfolio of 19 tenants.

 

 

PropShare Lumina offers a projected distribution yield of 8.20 per cent for FY27, 8.40 per cent for FY28, 9 per cent for FY29, and 9.30 per cent for FY30.

 

Kunal Moktan, co-founder, Property Share, said, "PropShare Lumina represents the type of institutional-quality commercial real estate we seek for our investors, a fully leased Grade A+ office asset in one of Noida's established business districts with a diversified tenant base and stable rental income. We remain focused on bringing professionally managed, income-generating assets to investors through the SM REIT structure."

 

Earlier, in March, Property Share filed the offer document for the IPO of PropShare Celestia, its third scheme, worth Rs 244.65 crore. In July 2025, Property Share issued a Rs 473-crore IPO of PropShare Titania, its second scheme. In November 2024, the trust issued a Rs 353-crore IPO for its first scheme, PropShare Platina.

 

Hashim Khan, co-founder, Property Share, said, "SM REITs are reshaping how investors participate in commercial real estate by making institutional-grade assets more accessible within a regulated framework. PropShare Lumina continues this vision by offering investors exposure to a high-quality office asset that was historically available primarily to large institutions."

 

SM REITs are an asset class regulated by the Securities and Exchange Board of India (Sebi) as a sub-class within the REIT framework for assets valued between Rs 50 crore and Rs 500 crore. Similar to REITs, SM REIT units are required to be listed on the stock exchanges, but with a minimum lot size of one unit of Rs 10 lakh. SM REITs are not permitted to invest in under-construction assets or land and must distribute 95 per cent of earnings to unitholders.