Mindspace Business Parks REIT has successfully raised an additional ₹550 crore through a Sustainability-Linked Bond (SLB) issuance from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. This latest fundraising brings the company's total SLB issuance to ₹1,200 crore, following its initial ₹650 crore SLB issuance in June 2024.

Pioneering ESG Compliance

The transaction marks a significant milestone in India's real estate sector, as Mindspace REIT becomes the first Indian Real Estate Investment Trust (REIT) to issue SLBs under the new Environment, Social and Governance (ESG) framework introduced by the Securities and Exchange Board of India (SEBI). This framework, outlined in SEBI's circular dated June 5, 2025, sets enhanced standards for transparency, independent review, and ongoing compliance in ESG debt issuances.

Key Details of the Bond Issuance

The SLB issuance carries the following characteristics:

Sustainability-Linked Structure

The SLB is directly tied to measurable ESG performance targets, ensuring accountability and impact. These targets include:

• Reduction in greenhouse gas (GHG) emissions
• Increase in the share of green-certified areas under management
• Reduction in energy intensity

By linking financial outcomes to sustainability performance, Mindspace REIT is embedding ESG principles into the core of its growth strategy.

Management Commentary

Ramesh Nair, MD and CEO of Mindspace REIT, commented on the issuance: "With this issuance, we're taking a big step forward on our sustainability journey. Being the first REIT to raise Sustainability Linked Bonds under SEBI's new ESG framework shows our intent to lead from the front. Partnering with IFC gives us global backing, and it will help us drive energy efficiency, add more green-certified space, and build a portfolio that's ready for the future."

Imad N Fakhoury, Regional Director for South Asia at IFC, added: "IFC is pleased to deepen its partnership with Mindspace REIT through an additional investment, fuelling the growth of REITs as an asset class and strengthening India's real estate sector. By championing sustainable buildings and innovative financing, we are creating opportunities for developers, investors, and communities."

Mindspace REIT's Portfolio

Mindspace REIT, sponsored by the K Raheja Corp group, owns a quality office portfolio across four key office markets in India: Mumbai Region, Pune, Hyderabad, and Chennai. The REIT's portfolio includes:

• Total leasable area of 38.1 million square feet
• 31.0 million square feet of completed area
• 3.7 million square feet under construction
• 3.4 million square feet for future development
• 5 integrated business parks and 6 quality independent office assets
• Over 260 tenants, with most buildings Gold or Platinum Green Building Certified (IGBC/LEED)

This latest SLB issuance reinforces Mindspace REIT's commitment to sustainable development and positions it as a leader in ESG-compliant financing within India's real estate sector.

Mindspace Business Parks REIT , a prominent player in the Indian real estate investment trust sector, has successfully raised INR 600.00 crore through the issuance of commercial papers. This strategic move marks a significant step in the company's financial management and liquidity enhancement efforts.

Issuance Details

The commercial paper issuance comprises 12,000 units with a face value of INR 5,00,000 each. These short-term debt instruments come with a 41-day tenor and are set to mature on September 15, 2025. The listing of these commercial papers on the debt segment of BSE Limited took effect from August 6, 2025, as confirmed by BSE Notice No. 20250806-36.

Financial Strategy

This fundraising initiative is part of a broader financial strategy approved by the Executive Committee of K Raheja Corp Investment Managers Private Limited, the manager of Mindspace REIT. The committee had previously sanctioned the raising of funds through debt securities and commercial papers, with a cap on incremental borrowings set at INR 28,000.00 million. This limit includes the previously approved borrowings of INR 18,000.00 million.

Market Impact

The successful issuance of these commercial papers demonstrates Mindspace REIT's strong standing in the financial markets and its ability to access short-term funding efficiently. This move is likely to provide the REIT with additional financial flexibility to manage its operations and pursue growth opportunities in the dynamic real estate sector.

Regulatory Compliance

In line with regulatory requirements, Mindspace REIT has duly informed the National Stock Exchange of India Limited and BSE Limited about this issuance. The communication adheres to the regulations set forth by the Securities and Exchange Board of India (SEBI) for Real Estate Investment Trusts and Listing Obligations and Disclosure Requirements.

The commercial papers have been assigned the ISIN INE0CCU14104, facilitating their trading and settlement in the secondary market.

This latest financial maneuver by Mindspace Business Parks REIT underscores its proactive approach to capital management and its commitment to maintaining a robust financial position in the competitive real estate investment trust landscape.