Property Share Investment Trust RIET

Property Share Investment Trust is India's first registered Small and Medium Real Estate Investment Trust (SM REIT), settled in June 2024 and registered with SEBI in August 2024 under the REIT Regulations. Unlike a conventional operating company, the trust invests only in completed, revenue-generating commercial real estate held through special purpose vehicles, and it distributes rental income to unit holders. PropShare Platina is the trust's first scheme and gives investors fractional ownership of a single Grade A office property rather than exposure to a diversified portfolio. The scheme's underlying asset is Prestige Tech Platina, a Grade A, LEED Gold certified office development spanning about 246,935 square feet across six floors on Outer Ring Road in Bengaluru, one of the city's largest and most established office corridors. The building is fully leased to a US-based technology company on a nine-year lease, giving the scheme a weighted average lease expiry of roughly eight years at the time of listing. The scheme is run by PropShare Investment Manager Private Limited as investment manager, with Axis Trustee Services Limited acting as trustee to the trust. Management targeted a distribution yield of about 9 percent for the first full year after listing, and it waived its management fee for the first two years, phasing in a small fee from the third year onward.