Mindspace REIT to Raise Up To Rs 500 Crore through NCDs
K Raheja Corp-backed Mindspace Business Parks REIT is planning to raise up to Rs 500 crore through the issuance of non-convertible debentures (NCDs) in one or more tranches. The executive committee of K Raheja Corp Investment Managers LLP, the manager to the REIT has approved the issue of listed, rated, secured, non-cumulative, taxable, transferable, redeemable NCDs by the REIT. The issue will be made on a private placement basis, the REIT. Last week, private equity major Blackstone Group sold its entire 9.2 per cent stake in K Raheja-backed Mindspace Business Parks REIT to sovereign wealth fund Abu Dhabi Investment Authority (ADIA) for $235 million, or Rs 1,740 crore. Mindspace Business Parks REIT, with income-producing commercial assets in Mumbai, Pune, Hyderabad and Chennai, had raised Rs 4,500 crore through its Initial Public Offering in July 2020. The issue was well received in the middle of the pandemic with over 13 times subscription. Mindspace REIT comprises 10 Grade-A office assets totalling 31 million sq ft located across India’s four key office markets. Over 85 per cent of this portfolio is leased to marquee tenants with 31 per cent of rents from Fortune 500 companies.