K Raheja Corp REIT Expected Next Month
K Raheja Corp, which owns commercial real estate like Mindspace, The Square, Commerzone, and Inorbit mall is planning to raise Rs 3,000-4,000 crore through REIT (Real Estate Investment Trust) with a listing expected as early as next month. The realtor has been working on a REIT for the last coupl
Published -
Jul 17, 2020 5:03 AM
K Raheja Corp, which owns commercial real estate like Mindspace, The Square, Commerzone, and Inorbit mall is planning to raise Rs 3,000-4,000 crore through REIT (Real Estate Investment Trust) with a listing expected as early as next month. The realtor has been working on a REIT for the last couple of years and is expected to file the offer document with the Securities and Exchange Board of India (Sebi) by the end of this weekE. Called the Mindspace REIT, the portfolio will have 29.5 million sq ft of commercial space spread across Mumbai, Pune, Hyderabad, Chennai and Delhi NCR. Mindspace REIT will be the second publicly-traded REIT after Embassy and Blackstone raised over Rs 4,700 crore through an IPO in April 2019. Of the 29.5 million sq ft of commercial assets that will be part of the Mindspace REIT portfolio, 23 million sq ft are completed and rent yielding, the area that is under construction is 2.8 million sq ft and future development area will be to the tune of 3.6 million sq ft. The office assets to be put under REIT boast of tenants like Facebook, Verizon, Capgemini, UBS, Barclays, Amazon, Schlumberger, Qualcomm, among others. An e-mail sent to the company seeking confirmation remained unanswered till press time.
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