PropShare Celestia is a listed real estate vehicle that lets investors own a slice of a single, rent-generating office building - it is a Small and Medium Real Estate Investment Trust (SM REIT), a regulatory structure designed specifically for individual property assets. The scheme was born when the Property Share Investment Trust raised roughly INR 245 crore through an initial public offering in April 2026 and used almost all of it to acquire six special-purpose companies that together hold the commercial property called Project Celestia. The recurring approach is simple: buy an income-producing office asset through a clean corporate structure, collect rent, and pass the cash through to unitholders - no development risk, no trading, just a landlord at scale. # Business segments A single engine - owning and leasing one commercial office property through six special-purpose vehicles - where the only job is to collect rent and distribute it. ## 1. Commercial office leasing: a single building, owned cleanly **The scheme owns Project Celestia entirely through six shell companies, collects lease rentals from tenants, and operates under a tax-pass-through structure that keeps income flowing to investors.** - **One asset, six holding companies** - the entire property portfolio sits inside six wholly-owned Special Purpose Vehicles (SPVs), each acquired on February 13, 2026, so the scheme itself holds no immovable property directly. - **Bought as assets, not a business** - the SPV acquisitions were treated as an asset purchase rather than a business combination because the companies lacked input, process and output that define a going concern, which means the deal was about the property, not an operating enterprise. - **Rent is the revenue engine** - lease rentals from tenants are recognised evenly over the lock-in period on a straight-line basis, so income is smoothed rather than lumpy even if rent cheques arrive unevenly. - **Tax passes through to investors** - under the Income Tax Act, rental income earned by the scheme is exempt, and so are interest and dividends received, which means the tax bill lands on the unitholder, not the trust. - **Dividends and interest fill the gaps** - beyond rent, the scheme also earns dividend income from its SPVs and interest income on loans extended to them, both recognised when the right to receive payment is established. # Group structure and partners **The scheme sits inside a three-tier governance framework - a trustee, an investment manager, and a sponsor - with the investment manager earning fees only for specific jobs done.** - **The trustee is the watchdog** - Axis Trustee Services Limited holds the assets in trust for unitholders and is responsible for oversight, though it faced a pending regulatory notice in mid-2025 over its supervision of another REIT’s manager. - **The investment manager runs the show** - PropShare Investment Manager Private Limited, whose parent is AltInvest Online Platform Private Limited, makes the day-to-day decisions and its board acts as the scheme’s chief operating decision-maker. - **Fees are tied to actions, not a retainer** - the manager charges a property acquisition fee of up to 2.5% of gross proceeds, a one-time capital arrangement fee of up to 3.9%, and a divestment fee of up to 3%, while no scheme management fee is levied and the property management fee of up to 0.5% only kicks in from FY27. - **The sponsor is the trust itself** - Property Share Investment Trust acts as its own sponsor, a structure where the scheme and its backer are one and the same. - **Units trade on the stock exchange** - the scheme’s units were listed on BSE Limited on April 24, 2026, giving investors a way to buy and sell their exposure to a single office building.