Mumbai/Bengaluru: PropShare Lumina, the fourth scheme under 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 its proposed initial public offering aggregating up to ₹4,846.80 million.
The proposed PropShare Lumina issue involves the issuance of Lumina Units for cash aggregating up to ₹4,846.80 million through the Book Building Process in compliance with the Securities and Exchange Board of India (SEBI) REIT Regulations and the REIT Master Circular.
Under the issue structure, not more than 75% of the Net Issue will be available for allocation on a proportionate basis to Institutional Investors, while the remaining 25% will be available for allocation to Non-Institutional Investors in accordance with the applicable REIT Regulations.
PropShare Lumina represents the Trust’s fourth scheme and comprises two towers in OESPL Business Centre, a Grade A+ sustainable commercial asset located in Sector 62, Noida.
The PropShare Lumina asset has a super built-up area of 4,37,025 square feet and is 100% leased to a diversified portfolio of 19 tenants with strong creditworthiness,
including marquee multinational tenants such as a US-based global workforce management SaaS company, a leading EPC infrastructure solutions provider, a co-working and managed office operator, and a leading telecom tower infrastructure operator, according to the JLL Report.
The remaining office spaces are occupied by a leading Japanese industrial gas company, a global AI-powered BPO provider, one of the leading travel healthcare recruitment companies, an IT services and consulting firm, along with 11 other tenants, according to the JLL Report.
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The PropShare Lumina asset is strategically located in Sector 62, one of Noida’s prime IT and ITeS commercial hubs and among its most institutional business locations.
According to the JLL Report, the property is situated at the intersection of major infrastructure developments, including the Delhi Blue Line Metro and Noida Aqua Line Metro, providing strong connectivity.
According to the Draft Key Information of the Scheme, PropShare Lumina offers a projected distribution yield of 8.20% for FY27, 8.40% for FY28, 9.00% for FY29, and 9.30% for FY30. These projected distributions are subject to the assumptions prescribed under the DKIS.
Commenting on the proposed offering, 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.”
Speaking on the offering, 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.”
HDFC Bank Limited is the sole lead manager to the issue, while KFin Technologies Limited is acting as the registrar.
Axis Trustee Services Limited is the Trustee for the issue, and PropShare Investment Manager Private Limited is serving as the Investment Manager. The units are proposed to be listed on BSE Limited.
About SM REITs
Small and Medium Real Estate Investment Trusts (SM REITs) are a new asset class regulated by the Securities and Exchange Board of India (SEBI) as a sub-category 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 stock exchanges with a minimum investment lot size of one unit worth Rs 10 lakh.
SM REITs are not permitted to invest in under-construction assets or land and are required to distribute 95% of their earnings to unit holders.
