Propshare Celestia Investment Trust REIT

Propshare Celestia is the third scheme floated by Property Share Investment Trust, the first small and medium real estate investment trust to be registered with SEBI. The scheme is run by PropShare Investment Manager Private Limited as its investment manager, with Axis Trustee Services acting as trustee. Rather than issuing equity shares, it offers units to investors who then earn a share of the rental income and any capital appreciation from a single, professionally managed commercial property. The trust's underlying asset, referred to as Project Celestia, consists of seven floors within Stratum @ Venus Grounds, a Grade A+ mixed use commercial building with a central atrium located in the Nehru Nagar area of Ahmedabad. The property has a super built up area of roughly 207,838 square feet and was fully occupied at the time of the offer. Its space is taken up by managed office and co-working operators including Smartworks Coworking Spaces and EFC, both of which are listed, along with Paragraph Khajanchi Business Centre, and a listed Swedish telecommunications multinational, together serving around ten end occupiers. The leases carried a weighted average lease expiry of about 6.72 years and an average rent in the region of Rs 76 per square foot per month. The public offer was a fresh issue aggregating about Rs 244.65 crore, priced in a band of Rs 10,00,000 to Rs 10,50,000 per unit, which places the minimum ticket at the Rs 10 lakh floor that applies to small and medium REITs. The bulk of the proceeds was set aside to fund the acquisition of the special purpose vehicle that holds the Celestia property. The manager projected a distribution yield rising from roughly 8.1 percent in FY26 towards about 8.9 percent by FY29. Units were allotted on 17 April 2026 and began trading on the BSE on 24 April 2026, where they opened at a modest discount to the offer price.