Mindspace Business Parks REIT , a prominent player in the Indian real estate investment trust sector, has successfully raised ₹700 crore through the allotment of non-convertible debentures (NCDs). This move marks a significant step in the REIT's debt raising program, showcasing its ability to attract substantial capital in the current market environment.

Key Details of the Debenture Allotment

Issuance Highlights

The debentures were issued at a premium, employing a multiple yield allotment method. This approach resulted in a total consideration of ₹700.57 crore, slightly higher than the principal amount, indicating investor confidence in Mindspace REIT's financial stability and growth prospects.

Strategic Debt Management

This NCD issuance is part of Mindspace REIT's broader debt raising program, which has an approved limit of up to ₹11,500 crore. The REIT's management has demonstrated a strategic approach to capital raising, balancing the need for funds with favorable terms for investors.

Quarterly Interest Payments

Investors in these NCDs will benefit from quarterly interest payments, providing a steady income stream over the investment period. This feature may be particularly attractive to income-focused investors in the current market scenario.

Regulatory Compliance

The allotment was made in accordance with the Securities and Exchange Board of India (SEBI) regulations for Real Estate Investment Trusts and the Listing Obligations and Disclosure Requirements. This adherence to regulatory standards underscores Mindspace REIT's commitment to transparency and good governance practices.

Conclusion

Mindspace Business Parks REIT's successful raising of ₹700 crore through NCDs reflects the trust of investors in its business model and financial management. As the real estate sector continues to evolve, REITs like Mindspace are playing an increasingly important role in providing investors with exposure to commercial real estate assets while maintaining liquidity and transparency.

Mindspace Business Parks REIT has achieved a remarkable feat by securing 11 Sword of Honour Awards from the British Safety Council, marking its seventh consecutive year of recognition for excellence in health and safety management systems.

Global Recognition

This achievement solidifies Mindspace REIT's position as a leader in workplace safety among listed REITs globally. For the second consecutive year, the company has earned the highest number of Sword of Honour Awards among all listed REITs worldwide, showcasing its consistent commitment to maintaining safe and healthy work environments.

Award-Winning Properties

All 11 participating properties in Mindspace REIT's portfolio received this prestigious recognition, spanning across multiple cities in India:

Rigorous Evaluation Process

To qualify for the Sword of Honour, organizations must achieve a 5-star rating in the British Safety Council's Health and Safety Management Audit. Additionally, they must demonstrate to an independent panel that safety excellence is integrated throughout their operations.

Management Perspective

Ramesh Nair, CEO & MD of Mindspace Business Parks REIT, emphasized the company's approach to safety: "At Mindspace REIT, safety is embedded in the way we design, operate and grow our spaces. Earning the Sword of Honour across 11 properties from British Safety Council is a milestone that reflects our teams' commitment to upholding the highest standards of health and safety."

Comprehensive Safety Approach

Mindspace REIT's success is attributed to its holistic approach to occupational health and safety, which includes:

• Robust safety management systems
• Visible leadership commitment
• Proactive risk assessments
• Employee well-being programs (counselling and mental health support)
• Integration of advanced technologies for performance tracking

Portfolio Overview

Mindspace REIT's portfolio includes:

• Total leasable area: 38.1 million square feet
• Completed area: 31.0 million square feet
• Area under construction: 3.7 million square feet
• Future development area: 3.4 million square feet

The portfolio comprises 5 integrated business parks and 6 quality independent office assets, catering to approximately 223 tenants across four key office markets in India: Mumbai Region, Pune, Hyderabad, and Chennai.

This recognition from the British Safety Council underscores Mindspace REIT's dedication to creating safe, healthy, and sustainable workplaces, setting a benchmark in the real estate investment trust sector for health and safety management excellence.