Mumbai, December 12: PropShare Platina REIT, which made its stock market debut on December 10, has reportedly shattered all records to emerge as the costliest share in the market. It was learned that PropShare Platina REIT has overtaken Elcid Investments and MRF to become the most expensive security available to trade, with its unit price closing at over INR 10 lakh. Until recently, Elcid Investments was the most high-priced stock, with its share trading at INR 2.10 lakh.

The fact that PropShare Platina REIT traded at INR 10.45 lakh on its debut day has made the newly-listed SM REIT the priciest stock on Dalal Street. It is reported that SM REIT reportedly settled at INR 10.45 lakh per unit in the previous session after making its debut on December 10 on the Bombay Stock Exchange (BSE) at INR 10.5 lakh per unit. It must also be noted that PropShare Platina REIT recently became the first REIT in the country to receive the SM REIT licence from SEBI. SM REIT: PropShare Platina IPO Subscribed 1.2 Times.

However, it's important to note that SM REITs, which can raise between INR 50 and INR 500 crore, have been designed to invest in commercial or residential real estate. So what is PropShare Platina REIT? PropShare Platina is a new investment scheme from Property Share, which is an investment manager for Property Share Investment Trust, India’s first registered small and medium real estate investment trust (SM REIT).

PropShare Platina comprises 2,46,935 square feet of office space in Prestige Tech Platina, which is located on the Outer Ring Road (ORR) in Karnataka's Bengaluru. The PropShare Platina is proposed to be fully leased to a US-based tech company through a fresh nine-year lease with a 4.6-year weighted average lock-in and 15 per cent escalation in rents every three years.

PropShare Platina's INR 353 crore issue had open for subscription from December 2 to December 4. During that period, the stock witnessed strong investor interest, with the issue being oversubscribed by 1.19 times. Through PropShare Platina's SM REIT, investors can invest in six floors of the premium-grade Prestige Tech Platina building in Bangalore. NALCO Share Price Today, December 12: NALCO Ltd Stock Falls by 7.83% Amid Market Downturn.

The PropShare Platina scheme is offering investors a projected distribution yield of nine per cent for Financial Year 2026, 8.7 per cent for FY 27, and 8.6 per cent for FY28.

(The above story first appeared on LatestLY on Dec 12, 2024 10:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).