Mindspace Business Parks REIT files for IPO
Mindspace Business Parks REIT, which is backed by real estate developer K. Raheja Corp. and private equity investor Blackstone, has filed the draft prospectus for its initial public offering (IPO), making it the second REIT to attempt a listing on the Indian bourses. In March, Bengaluru-based developer Embassy and Blackstone had launched India’s first public REIT, Embassy Office Parks REIT, in an INR 4,750-crore IPO.
According to the draft prospectus filed by Mindspace, the REIT aims to raise INR 1,000 crore through a fresh issue of shares, while the existing shareholders, K. Raheja Corp. and Blackstone, will offload a part of their shareholding through an offer for sale.
The REIT will use the IPO proceeds for partial or full prepayment, or scheduled repayment, of certain debt facilities of the assets held by it. Mindspace REIT has a portfolio of commercial properties with a total leasable area of 29.5 million sq. ft (msf).