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Details of Mindspace REIT Green Bond Issuance:
Mindspace Business Parks REIT Completes India’s First REIT Level Green Bond Issuance
Mindspace Business Parks REIT, a leading owner and developer of office spaces in India’s key markets, has announced the successful completion of the first REIT level Green Bond issuance in India. The company raised Rs 550 crore by offering Green bonds with a fixed quarterly coupon of 8.02 percent per annum payable quarterly. The bonds have maturities of three years and one month.
The funds raised will be used to refinance loans taken by one of the Asset SPVs to fund the eligible green projects. Mindspace REIT CEO, Vinod Rohira, stated that the green financing is one more step towards generating long-term value for stakeholders through an ESG-focused business model.
Mindspace REIT’s first green financing framework has also been published recently. The framework enables the company and/or its asset SPVs to issue green financial securities in the form of bonds or debentures. The issuance has been arranged by Trust Investment Advisers Private Limited, and insurers, mutual funds, and other investor classes participated in it. Legal counsel for the issuance is provided by Shardul Amarchand Mangaldas & Co.
The REIT, which is sponsored by the K Raheja Corp group, listed on the Indian bourses in August 2020. The office portfolios owned by Mindspace REIT are located in the Mumbai region, Pune, Hyderabad, and Chennai. Over 90 percent of the REIT’s portfolio is Green Certified, and the company continues to develop sustainable spaces for the future.
Mindspace Business Parks REIT’s CEO Vinod Rohira added that “with this issuance, our collective green financing availed has increased to over Rs 12 billion. This issuance further reiterates our commitment to building responsible business by setting up newer sustainability benchmarks. Today, we continue to strive towards our vision of being a sustainability leader in the real estate sector by creating long-term value for stakeholders through an ESG focused business strategy.”
About Mindspace REIT:
Mindspace, a commercial and industrial park brand established by K Raheja Corp, offers a range of facilities including offices, residential towers, retail businesses, and entertainment facilities. With locations in Mumbai, Hyderabad, Chennai, and Pune, Mindspace has developed hubs that have attracted more than 50 businesses in India, including Accenture, L&T Infotech Ltd, Cognizant Technology, and Capgemini Group, as of 2016.
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