Third scheme offers fully leased Grade A+ Ahmedabad office asset
MUMBAI, Jan 8 (The CONNECT) — Property Share Investment Trust has filed the Draft Key Information of the Scheme (DKIS) for PropShare Celestia, the Trust’s third scheme, aggregating up to ₹244.65 crore.
The IPO, comprising an entirely fresh issue of Celestia units, will be launched through the book-building process in compliance with REIT Regulations and the REIT Master Circular. Up to 75% of the net issue will be allocated to institutional investors, with the remaining **25% earmarked for non-institutional investors.
PropShare Celestia represents the scheme’s exposure to seven floors of Venus Stratum, an IGBC Platinum-certified, Grade A+ mixed-use commercial building with a distinctive atrium, located in prime Nehru Nagar, Ahmedabad, according to a JLL report.
The asset has a super built-up area of 2,07,838 sq ft and is 100% occupied. Key tenants include three managed-office operators—Smartworks Coworking Spaces Limited, EFC Limited (both publicly listed), and Paragraph Khajanchi Business Centre LLP—along with a listed Swedish telecommunications multinational. The broader occupier base spans 10 end users, including three Fortune Global 500 companies, a Fortune 500 US-based FMCG multinational, and other marquee names such as Tech Mahindra, a leading US professional services firm, an Indian private sector bank, a B2B e-commerce platform, and analytics and risk-management firms. The diversified tenant mix underpins a stable and predictable income profile.
JLL notes that Nehru Nagar’s strategic location, connectivity, proximity to key urban infrastructure, and strong social amenities enhance its attractiveness as an investment destination.
PropShare Celestia offers a projected distribution yield of 8.1% (FY26), 8.4% (FY27), 8.7% (FY28) and 8.9% (FY29).
Ambit Private Limited is the sole lead manager to the issue, KFin Technologies Limited the registrar, Axis Trustee Services Limited the trustee, and PropShare Investment Manager Private Limited the investment manager. The units are proposed to be listed on the BSE.
SM REITs, introduced by SEBI as a sub-class within the REIT framework, cover assets valued between ₹50–500 crore. They require exchange listing, carry a minimum lot size of one unit priced at ₹10 lakh, cannot invest in under-construction assets or land, and must distribute 95% of earnings to unit holders.
