Cyril Amarchand Mangaldas has advised Property Share Investment Trust, India’s first SEBI registered small and medium real estate investment trust (SM REIT), on the initial public offering by its second scheme PropShare Titania worth INR 473 crore. Trilegal advised the lead manager to the deal, Kotak Mahindra Capital.
This marks the second ever public issue of units by a scheme of an SM REIT.
PropShare Investment Trust, established just over a year ago on June 27, 2024, became India’s first registered SM REIT by August 2024. The Titania scheme used IPO proceeds to acquire six floors in G Corp Tech Park, a Grade A+ office development in Thane with 4,37,973 square feet of leasable space.
SM REITs target properties valued between Rs. 50-500 crore, opening commercial real estate investment to retail investors who previously couldn’t access such assets. Market projections suggest the SM REIT space could exceed $60 billion by 2026, tapping into India’s real estate sector that’s expected to contribute 13% of GDP by 2025.
Cyril Amarchand Mangaldas advised PropShare Investment Trust and PropShare Investment Manager Private Limited, with partner Kranti Mohan, who heads the firm’s REITs and InvITs practice, leading the team alongside senior associate-designate Subham Jain, and associates Parikha Rathi and Anshum Agarwal. The general corporate team included partner Pranjita Barman, with associates Subhalaxmi Hota and Saakshi Tibrewal. Partner Jinal Mehta handled real estate aspects, supported by consultant Anjali Kadam.
The Trilegal capital markets team advising on the matter was led by partner Abhinav Maker; and included associates Mrinal Kumar, Kalyan Reddy, and Animan Sharma.
