Mindspace Business Parks REIT submitted its half-yearly statement of debt securities issued through private placement for the period ended September 30, 2026. The filing details outstanding non-convertible debentures and notes two full redemptions during the reporting period.

The document, filed with BSE Limited and National Securities Depository Limited on October 13, 2026, complies with SEBI Master Circular provisions regarding ISIN specifications for debt securities. It serves as a regulatory intimation regarding the status of the REIT's private placement instruments.

Debt Securities Outstanding

The statement lists 17 series of non-convertible debentures. Two series were redeemed in full during the half-year: one maturing in April 2026 and another in June 2026. The remaining 15 series remain outstanding with varying coupon rates and maturity dates extending to 2036.

Note: Series 2 (₹550 crore) and Series 3 (₹500 crore) were redeemed in full on April 13, 2026, and June 30, 2026, respectively.

Redemption Activity

Two significant tranches of debt reached maturity during the first half of FY26. The ₹550 crore debenture issued in March 2023 matured and was fully repaid on April 13, 2026. Subsequently, the ₹500 crore debenture issued in June 2023 was redeemed on June 30, 2026. These redemptions reduce the immediate near-term liability profile of the REIT.

Coupon Rate Trends

The disclosed coupon rates range from 6.96% to 8.03%. The lowest coupon rate of 6.9601% applies to the largest single tranche of ₹1,200 crore issued in December 2025. Conversely, the highest rate of 8.03% applies to a ₹500 crore tranche maturing in December 2026. Recent issuances in 2026 carry coupons between 7.16% and 7.63%, indicating a stabilization or slight adjustment in borrowing costs compared to earlier high-rate instruments.

Mindspace Business Parks REIT has received the IGBC Green Landscape Gold Rating from the Indian Green Building Council for its Mindspace Airoli East business park in Navi Mumbai. This achievement makes it the first Real Estate Investment Trust in India to receive this specific distinction.

The certification recognizes the integration of green spaces within the business park as a critical component of the overall ecosystem. Unlike traditional certifications that focus primarily on building energy and water efficiency, the IGBC Green Landscape Rating evaluates the design, management, and ecological performance of landscaped areas, including flora, fauna, and resource efficiency.

Sustainability metrics at Mindspace Airoli East

The campus implemented several initiatives to achieve the Gold rating, focusing on biodiversity and resource conservation. Key features include:

• Over 60% native and adaptive green cover to support local biodiversity
• Over 30% vegetation specifically supporting local birds and insects
• Up to 77% energy savings achieved through smart landscape lighting
• 100% on-site composting of landscape waste

Additional innovative practices deployed at the site include a native plant nursery, stingless honeybee colonies, a butterfly garden, and plant bio-sonification installations. The campus also provides dedicated spaces for walking, sports, yoga, and meditation.

Strategic implications for portfolio

Ramesh Nair, MD & CEO of Mindspace REIT, stated that sustainability extends beyond buildings to the broader ecosystem across campuses. He emphasized that this approach is central to designing, differentiating, and delivering value to occupiers and investors. S. Karthikeyan, Executive Director at IGBC, noted that the rating reflects a thoughtful approach to enhancing biodiversity and responsible landscape management.

What the numbers show

The certification highlights a shift in commercial real estate sustainability standards. While most green certifications prioritize operational efficiency metrics like energy consumption, this rating validates the ecological value of the asset's external environment. The data indicates that over 60% of the green cover is native or adaptive, directly linking landscape design to local biodiversity support rather than just aesthetic maintenance.

Mindspace REIT plans to extend similar landscape and biodiversity practices to other campuses in its portfolio. This initiative complements its ongoing program of LEED and IGBC building certifications. The REIT’s portfolio comprises 46.2 msf of total leasable area, with most buildings already holding Gold or Platinum Green Building Certifications.