Mumbai/Bengaluru, 8th January, 2026 ( TGN ): Property Share Investment Trust ( “Trust”), India’s first registered Small and Medium Real Estate Investment Trust, has filed the Draft Key Information of the Scheme (“DKIS”) for PropShare Celestia, the third scheme under the Trust aggregating up to Rs. 2,446.50 million.
The IPO comprises of a fresh issue of Celestia units with no offer for sale component (the “Issue”). This Issue is being made through the Book Building Process and in compliance with the REIT Regulations and the REIT Master Circular, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors and balance 25% of the Net Issue shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
The third scheme, PropShare Celestia represents the Scheme’s offering across seven floors of Venus Stratum, a landmark IGBC Platinum-certified, Grade A+ mixed-use commercial building with a unique atrium located in prime Nehru Nagar, Ahmedabad (Source: JLL Report).
Project Celestia has a super built-up area of 2,07,838 sq ft and is 100% occupied by four tenants, including three managed-office operators – Smartworks Coworking Spaces Limited, EFC Limited (both publicly listed) and Paragraph Khajanchi Business Centre LLP (one of the top five co-working operators in Ahmedabad in terms of no. of operational seats) and a listed Swedish telecommunications MNC and a diversified base of 10 occupiers, comprising three Fortune Global 500 companies, which include a Global Consulting company, Global Technology company and Global Chemical company, one Fortune 500 company which is a US-based multinational FMCG company. Other notable end users include Tech Mahindra, US-based leading professional services firm, an Indian private sector bank, an Indian B2B e-commerce platform, Risk management and financial analytics solutions provider and Data analytics and business intelligence firm. This high-quality and diverse tenant mix ensures a stable and reliable income stream.
According to the JLL Report, within SBD, Nehru Nagar’s combination of strategic location, connectivity, proximity to key urban infrastructure and strong social amenities creates an attractive investment proposition for investors.
PropShare Celestia offers a projected distribution yield of 8.1% for the FY 2026, 8.4% for the FY 2027, 8.7% for the FY 2028 and 8.9% for the FY 2029.
Kunal Moktan, Co-founder, Property Share said “An SM REIT product has been designed to provide investors with direct and concentrated access to assets through a regulated structure which has been demonstrated by Property Share through the first two schemes – Platina and Titania. With Celestia, investors get access to a Grade A+ asset at a projected yield of 8.4% for FY27 in an exciting and fast growing new market in Ahmedabad.”
Hashim Khan, Co-founder, Property Share said “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 Private Limited is the sole lead manager to the Issue and KFin Technologies Limited is the registrar to the Issue. Axis Trustee Services Limited is the Trustee for the Issue, and PropShare
Projections for the year ending March 31, 2026 (i.e., the current financial year) includes projections beginning from January 1, 2026 to March 31, 2026.
Investment Manager Private Limited is the Investment Manager for the Issue. The Units are proposed to be listed on BSE Limited (“BSE”) (the “Stock Exchange”).
About SM REITs
SM REITs are a new asset class introduced by the Securities and Exchange Board of India as a sub-class within the REIT framework for assets valued between Rs. 50-500 crores. Similar to REITs, SM REIT units are required to be listed on the stock exchanges but with a minimum lot size of 1 unit of Rs. 10 lakhs. SM REITs are not permitted to invest in under-construction assets or land and must distribute 95% of earnings as distributions to unit holders.
About Management
The Investment Manager has an experienced team comprising 24 members having academic pedigree from leading IITs and IIMs with experience across leading international and domestic real estate funds.
AltInvest Online Platform Private Limited (the parent company of the Investment Manager) was founded in 2016 by Hashim Khan and Kunal Moktan. Kunal has over fifteen years of work experience buying, managing and selling real estate. Kunal Moktan has previously worked for over seven years with the Blackstone Group. Hashim Khan has eight years of experience investing in real estate at AltInvest Online Platform Private Limited and has also served as its chief technology officer since inception. AltInvest Online Platform Private Limited is backed by some prominent names in alternative institutional investing including Westbridge Capital, Lightspeed India, BEENEXT and Pravega Ventures.
AltInvest Online Platform Private Limited has demonstrated a strong track record in real estate investment and asset management. Since 2016 till September 30, 2025, AltInvest Online Platform Private Limited has:
distributed c. ₹6,781.43 million through rent distributions and sale proceeds
acquired c.2.06 million sf of commercial real estate with a total value of c. ₹23,787.00 million across different asset classes including office spaces, retail centres and warehouses across India as well as the United Kingdom
leased over c. 10,04,662 sf across its portfolio.
exited c. ₹3,908.00 million worth of assets spread across c. 3,01,161 sf providing successful exits to investors
