PropShare Platina is India’s first listed fractional-ownership office building - a single Grade‑A asset on Bengaluru’s Outer Ring Road, fully leased to one global tech tenant, that pays out nearly all its rental cash to investors every quarter. It was born when the co‑founders of a real‑estate investment platform, backed by their experience at Blackstone and IIM Ahmedabad, secured the very first SEBI registration for a Small and Medium REIT in August 2024 and listed the scheme on the Bombay Stock Exchange that December. Everything the scheme does follows a single recurring logic: buy a stabilised, institutionally tenanted office floor, hold it in a separate SPV, and pass the rent straight through to unitholders with minimal fees and no development risk. # Business segments A single business - owning and renting out one premium office building to one tenant through six floor‑by‑floor SPVs, with all cash flows distributed to investors. ## 1. Rent‑collecting office asset: a single‑tenant annuity on India’s tightest office corridor **One building, one tenant, one 9‑year lease - the scheme is a pure pass‑through vehicle that turns institutional‑grade rent into quarterly unitholder distributions.** - **A single trophy asset** - the scheme owns 246,935 square feet of Grade‑A office space across six floors in Prestige Tech Platina, a LEED Gold‑certified building inside a 7‑million‑square‑foot tech park that already houses JP Morgan Chase, Adobe and Oracle. - **One tenant, locked in for years** - the entire space is leased to 24/7 Customer Private Limited (branded 24.ai), a US‑based technology company that previously owned the property and signed a 9‑year leaseback when the scheme’s SPVs bought the floors in December 2024. The lease carries built‑in rent increases of roughly 3.85% after three years and 15% every three years after that, with a weighted average lock‑in of 3.3 years and a lease expiry in December 2033. - **Rent that already beats the market** - the contracted weighted average rent of about ₹103 per square foot per month sits roughly 2% above the valuer’s estimate of market rent, meaning the scheme started life slightly ahead of prevailing rates in the submarket. - **A corridor where space is scarce** - the Outer Ring Road Southeast submarket holds 77.6 million square feet of Grade‑A stock, yet vacancy is just 3.7%, compared with 10.6% for Bengaluru as a whole. Global Capability Centres drive 65-70% of leasing in the corridor, and the upcoming Blue Metro Line is expected to improve connectivity further by June 2026. - **Costs stripped to the bone** - the scheme reported a 97% net operating income margin and a 99% EBITDA margin, because a single‑tenant, fully‑leased building with no development activity carries almost no operating burden beyond basic property management. # Group structure and partners **A SEBI‑registered trust with a sponsor‑manager that co‑invests alongside unitholders, a bank‑backed trustee, and six floor‑wise SPVs that isolate each piece of the asset.** - The Trust was settled in June 2024 as an irrevocable trust under the Indian Trusts Act and registered with SEBI as India’s first SM REIT in August 2024. - The Investment Manager, PropShare Investment Manager Private Limited, holds 5% of the scheme’s units - aligning its interests with investors - and charges zero management fee for the first two years, rising to a maximum of 0.3% only from FY28 onward. - The holding company behind the Investment Manager, Altinvest Online Platform Private Limited, has managed over ₹2,600 crore of real‑estate investments and counts WestBridge Capital, Lightspeed Venture Partners, BEENEXT and Pravega Ventures as backers. - The Trustee is Axis Trustee Services Limited, a wholly owned subsidiary of Axis Bank, responsible for holding the Trust’s assets for the benefit of unitholders. - Each of the six building floors is owned by a separate SPV - Rumosch, PropAreas, Avenueprops, Willowprops, Premiumbiz and Estapropfront - so that every floor is a ring‑fenced legal entity feeding rent, interest and dividends up to the scheme. - The Board includes three independent directors, among them a former senior RBI official and a former Vice Chairman of Sobha Limited, and operates four committees - Audit, Stakeholders’ Relationship, Nomination and Remuneration, and Risk Management - under 21 adopted policies.