Mumbai : Units of PropShare Titania India’s 2nd SM REIT debuted on the BSE. The unit listed at Rs 10,60 ,000 per unit on the exchange.

Kunal Moktan, Co-founder, Property Share said “Today we made history with the listing of PropShare Titania, India’s second SM REIT scheme, cementing Property Share’s position as the pioneer of this new asset class. We are incredibly thankful to our investors for their trust and confidence.”

The Scheme had opened for a Rs 472.9 crore issue with the subscription period between July 21 to July 25. The SM REIT Scheme garnered substantial interest, and the offer was subscribed 1.61 times with the Non-Institutional Investors Portion being subscribed 6.42 times. 

PropShare Titania comprises of a 4,37,973 sf Grade A+ office space in G Corp Tech Park located in Mumbai, with ESG Certifications including LEED Platinum, WELL Health and Safety rating and BEE 5 Star certification. It is 100% occupied by a diversified tenant portfolio comprising Fortune 500 companies, MNCs and blue-chip tenants including Aditya Birla Capital and Concentrix. The scheme offers investors a projected distribution yield of 9.0% for FY26, FY27, FY28 and 8.7% for FY29.

PropShare Titania is located on the main Ghodbunder Road, Thane, which is part of the Mumbai Metropolitan Region. Thane has a large residential catchment area with strong social infrastructure (Source: JLL Report).

The Investment Manager to the Trust is Property Share Investment Manager Private Limited. The Net Proceeds are proposed to be utilized to the extent of Rs 217.00 crore for acquisition of the entire issued and paid-up equity share capital of the Titania SPV as per the Share Purchase Agreement; Rs 232.94 crore for providing loan to the Titania SPV for extinguishment and redemption of the debenture liability of the Titania SPV, by redeeming the OCDs (including any accrued interest); and general corporate purposes. 

Kotak Mahindra Capital Company Limited was the sole lead manager (“BRLM”) to the Issue and KFin Technologies Ltd was the Registrar to the Issue. Cyril Amarchand Mangaldas was the domestic legal counsel for the Trust and Investment Manager in relation to the Issue and Trilegal was the domestic legal counsel for the sole lead manager in relation to the Issue. Axis Trustee Services Limited is the Trustee for the Issue, and PropShare Investment Manager Private Limited is the Investment Manager for the Issue.