Business

Mindspace Business plans REIT listing

Offer includes ₹1,000 cr. in fresh units

Mindspace Business Parks has become the second entity — after Embassy Office Parks REIT — to plan a real estate investment trust (REIT) listing on the bourses.

The entity has filed the draft document for an REIT offering, comprising a fresh issue of units worth ₹1,000 crore, along with an offer for sale. The REIT is sponsored by K. Raheja Corp. group companies Cape Trading LLP and Anbee Constructions LLP, and is managed by K. Raheja Corp Investment Managers LLP.

According to a company statement, Mindspace Business Parks REIT owns commercial space in the Mumbai Region, Hyderabad, Pune and Chennai, and its portfolio has five integrated business parks and five independent offices.

Further, its portfolio has total leasable area of 29.5 million square feet (msf), comprising 19.8 msf of completed area, 6.1 msf under construction area and 3.6 msf of future development area, as of June 30, 2019.

The portfolio has 173 tenants with no single tenant contributing more than 8.7% of its gross contracted rentals. Approximately 84.5% of its rentals were derived from multinational corporations and approximately 34.8% from Fortune 500 firms, the release said.

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Printable version | Feb 22, 2020 10:20:55 AM | https://www.thehindu.com/business/mindspace-business-plans-reit-listing/article30453560.ece

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