Asia Pacific Capital Markets Hub 2024 - 2025

available for investors to own real estate through fractional ownership. Since then, the PropShare Platina SM-REIT with approximately 247,000 sq ft of office space, was listed in December 2024, attracting investors with a projected distribution yield of 9.0% for the financial year 2025–2026. Two further SM-REITs, PropShare Titania and hBits, are expected to list in the current financial year, highlighting the growing legitimacy of fractional ownership as a mainstream investment asset class.

The performance of Nexus Select Trust (retail) was also robust during the fiscal year ending March 2025. It achieved higher net operating income and tenant sales, and also delivered a remarkable improvement in occupancy rate to record 97.2%, despite factoring in two new strategic mall acquisitions during the year. India’s market regulator had in March 2024 introduced regulations governing small and medium REITs (SM-REITs), becoming a further instrument

Table 3: Summary Table of REITs listed in India

Embassy Office REIT

Brookfield Office REIT

Mindspace Office REIT

Nexus Select Trust REIT

Listing month

Apr-19

Feb-21

Aug-20

May-23

Overall IPO subscription status

O/S by 2.57x

O/S by 8.0x

O/S by 13x

O/S by 5.5x

Completed Area (MSF) March 2025

40.3

24.5

30

10.4

UC + FD (MSF) March 2025

10.9

4.5

7.1

N.A.

Latest Occupancy rates March 2025

~91% (committed)

~87%

~88%

97.2%

Source: various investor presentations, complied by Cushman & Wakefield

28 Cushman & Wakefield