PropShare Titania is a listed real estate investment trust that lets anyone own a slice of a single, top-tier office building and collect quarterly rent cheques - it was born when India’s markets regulator created a new vehicle, the Small and Medium REIT, and this scheme became the second ever to list. The trust raised money from public investors, bought a fully-leased office property in Thane that had previously been held by institutional funds, and now simply passes through the rental income after costs, with no debt on its books. The recurring idea is a clean, non-leveraged landlord structure: own a premium asset, keep it full of blue-chip tenants on contracts that raise the rent every year, and distribute all the cash. # Business segments A single business - owning and renting out one Grade A+ office asset in Thane, with every rupee of income coming from lease contracts with a roster of multinational and Indian corporate tenants. ## 1. Commercial office leasing: a single premium building, fully rented to blue-chips **The trust owns half of a Grade A+ tech park in Thane, keeps it 100% occupied with Fortune 500 and marquee Indian tenants, and collects rents that rise 5% every year by contract.** - **One asset, no distractions** - the scheme holds 437,973 square feet across six floors of G Corp Tech Park, a campus-style development on Ghodbunder Road, through a wholly-owned special purpose vehicle. The building is about 300 metres from the newly operational Kasarvadavali metro station, so its connectivity within the Mumbai region has just taken a step up. - **Tenants that stay and expand** - the 11 tenants include multiple Aditya Birla Group financial services entities, the American Fortune 500 firms Concentrix and IQVIA, the Japanese conglomerate Hitachi, and the global IT firm Virtusa. Nearly all have renewed over the past decade, and some, like Aditya Birla Capital and Concentrix, have taken more space inside the same park, which signals that the location and building quality work for them. - **Built-in rent growth** - every lease contract carries a 5% annual escalation, so the rent collected per square foot ticks up each year without the trust having to renegotiate. The current in-place rent of ₹78.7 per square foot per month already sits above the Thane Grade A+ submarket average, and leases expiring by 2028 cover 38% of the area, creating a chance to reset those rents to higher market levels when the time comes. - **A moat of scarcity and sustainability** - the building holds LEED Platinum, WELL Health-Safety, and BEE Five-Star certifications, and green-certified buildings in Thane enjoy over 90% occupancy, a roughly six-percentage-point premium over non-certified stock. Meanwhile, the Grade A+ segment in Thane has a vacancy of just 2.4%, and only one Grade A+ project is in the pipeline, so competing space of comparable quality is effectively unavailable. - **Cash straight to unitholders** - SEBI’s SM REIT rules require the scheme to distribute at least 100% of its net distributable cash flow every quarter, and the trust carries no debt post-listing, so the rental income flows through without interest costs eating into it. # Group structure and partners **A three-party trust structure with a professional investment manager, an independent trustee from a major bank, and a sponsor that keeps skin in the game.** - **The trust and its manager** - the Property Share Investment Trust was settled in June 2024, and its investment manager, PropShare Investment Manager Private Limited, runs the day-to-day leasing and tenant relationships. The manager’s team has experience at real estate funds including Blackstone and SBI Real Estate Fund, and it holds 5% of the scheme’s units as required by regulation, aligning its interests with outside unitholders. - **Independent oversight** - Axis Trustee Services Limited, a wholly-owned subsidiary of Axis Bank, acts as the trustee, while the investment manager’s board has six directors, half of them independent, and operates through four committees including audit and risk. - **The asset-holding company** - the office property sits inside Eranthus Developers Private Limited, a special purpose vehicle that the scheme owns entirely, and the rental cash reaches unitholders through interest and principal repayments on shareholder loans from that SPV. - **A platform with siblings** - the same trust also manages two other SM REIT schemes, PropShare Platina and PropShare Celestia, so the manager is building a family of single-asset office trusts under one umbrella.