PropShare Celestia, the third scheme under Property Share Investment Trust, is opens for subscription
PropShare Celestia, the third scheme under Property Share Investment Trust, opens for subscription today with the issue closing on April 16. It is a small and medium real estate investment trust structure that proposes to invest in six newly incorporated Special Purpose Vehicles — collectively referred to as the Celestia SPVs — which will hold an identified portion of floors in a commercial building called Stratum @ Venus Grounds, owned and developed by Venus Infrastructure and Developers Private Limited.
This is a highly specialised offering aimed squarely at HNIs and institutional investors, given a minimum investment of one unit at a price of up to Rs 10.5 lakh. Retail investors are not the target audience here.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | April 10, 2026 |
| Issue Closes | April 16, 2026 |
| Price Band | Rs 10,00,000 – Rs 10,50,000 per unit |
| Issue Size | Rs 244.65 crore (approx.) |
| Total Units | ~2,330 units at upper cap |
| Minimum Application | 1 unit |
| Listing | BSE |
| Investment Manager | PropShare Investment Manager Pvt. Ltd. |
| Trustee | Axis Trustee Services Ltd. |
| Lead Manager | Ambit Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
Up to 75% of the issue is reserved for institutional investors and at least 25% for non-institutional investors.
Objects of the Issue
| Particulars | Amount (Rs crore) |
|---|---|
| Acquisition of Celestia SPVs | 237.91 |
| General Corporate Purposes | Balance |
| Total | 244.65 |
What the Trust Holds
The six Celestia SPVs are recently incorporated entities that will collectively hold an identified portion of certain floors of Stratum @ Venus Grounds, a larger commercial building currently owned by Venus Infrastructure and Developers. Since the project is being carved out from a broader asset owned by a third-party seller, there is no discrete historical financial information available for the underlying property.
| Celestia SPV |
|---|
| Cendrix Realty Private Limited |
| Crestmont Realty Private Limited |
| Dhrivya Estates Private Limited |
| Magnivio Private Limited |
| Samvrid Realty Private Limited |
| Stathos Private Limited |
This is the third scheme launched under the Property Share Investment Trust umbrella. The first two schemes — PropShare Platina and PropShare Titania — are the only other listed schemes under the small and medium REIT category in India.
Financial Overview
| Particulars | FY25 |
|---|---|
| Total Income (Rs crore) | 5.34 |
| Net Loss (Rs crore) | (20.02) |
| Employees (as of Dec 31, 2025) | 24 |
The numbers reflect the early-stage nature of the platform. The investment manager has no established operating history for the Celestia scheme itself, and the underlying SPVs have been recently incorporated.
Distribution Policy
As required under applicable regulations, the Trust will distribute its net distributable income to unitholders in line with Income Tax laws governing such structures. No dividends have been paid in prior periods given the trust has no operating history to speak of.
Risks to Consider
This offering carries a meaningfully higher risk profile than more established InvITs. The Celestia SPVs have no operating history, no historical financials, and the underlying asset is currently owned by a third-party seller rather than the trust itself. The commercial real estate InvIT space in India has seen a mixed reception so far, and the category is yet to build a well-established track record of distributions. The minimum ticket size of Rs 10–10.5 lakh makes this unsuitable for most individual investors, and even for those who qualify, this is best treated as a small, long-term allocation within a larger portfolio by investors who fully understand the risks of an early-stage, single-asset real estate trust structure.