Property Share Investment Trust - Propshare Celestia

PropShare Celestia is the third scheme launched by Property Share Investment Trust, India's first small and medium realestate investment trust. The third scheme i.e., PropShare Celestia represents the Scheme's offering across seven floors of Stratum @ Venus Grounds, a Grade A+ mixed-use commercial building located in prime Nehru Nagar, Ahmedabad. Project Celestia has a Super Built-Up Area of 2,07,838 sq. ft and is 100% occupied by four tenants, including three managed-office operators – Smartworks Coworking Spaces Limited, EFC Limited (both publicly listed) and Paragraph Khajanchi Business Centre LLP (one of the top five co-working operators in Ahmedabad in terms of no. of operational seats) and a Swedish based listed telecommunications MNC. Lessees as managed office providers and co-working space operators have established managed office facilities at the Project Celestia for a diversified base of 10 occupiers, comprising three Fortune Global 500 companies, which include a Global Consulting company, a Global Technology company and a Global Chemical company, and one Fortune 500 company which is a US-based multinational FMCG company. Other notable end users include TechMahindra, US-based leading professional services firm, an Indian private sector bank, an Indian B2B e-commerce platform, Risk management and financial analytics solutions provider and Data analytics and business intelligence firm. PropShare Celestia offers a projected distribution yield of 8.1% for the FY 2026, 8.4% for the FY 2027, 8.7% for the FY 2028 and 8.9% for the FY 2029. Further, the projected distribution yield is based on the assumptions and estimates as deemed appropriate and reasonable by the Investment Manager at the date of the Projections and has been adopted by the board of directors of theInvestment Manager on January 8, 2026 and certified by the Auditors. The Schemes of the Trust will also hold amounts pending investment or distribution (Net Distributable Cash Flows distributed to the Unit holders of each Scheme), or as a reserve of the Scheme’s anticipated obligations and make Distributions to the Unitholders of the Schemes. On BRLM's front, Ambit Private Limited are associated with this IPO, and has handled 5 IPOs in last three fiscal years. ( As on 10.04.26 ) As per financial projections, Property Share Investment Trust may generate net operating income around Rs 5.02/- Cr, Rs 20.39/- Cr, Rs 20.71/- Cr and Rs 21.51/- respectively in Q4 FY26, FY27, FY28 and FY29. So it may generate around 8% yields and it will start from this year itself. So we give NEUTRAL rating to this infrastructure trust.