Mindspace Business Parks REIT, the K Raheja Corp Group sponsored commercial real estate company, the second Real Estate Investment Trust (REIT) in India, today has been listed with the BSE and NSE stock exchanges. The REIT’s unit was listed at Rs 304 up 10.55 percent as compared with the public issue price of Rs 275 per equity share.
Mindspace Business Parks REIT recently raised Rs 4500 crore through its maiden REIT public issue and received an overwhelming response from investors subscribing to this public issue for 13 times the issue size. The issue attracted bids for 87.8 crore units as against the total issue size of 6.77 crore. While the institutional portion was subscribed 10.61 times, the non-institutional segment, including high net worth investors and retail, was subscribed 15.77 times.
Mindspace Business Parks REIT owns Grade-A, high-quality office portfolio in India’s fastest growing commercial estate markets which includes Mumbai Region, Delhi-NCR, Hyderabad, Chennai and Pune. These Business Park’s serve as an essential corporate infrastructure to over 171 global and Indian MNCs, several being Fortune 500 companies.
Mindspace Business Parks REIT consists of five integrated business parks with superior infrastructure and amenities, aggregating to 29.5 million square feet of total leasable area. The company successfully collected 95-97 percent rents from their tenants during the ongoing lockdown in March, April and May months respectively. The company also added 7 lakh square feet of leasable space in its portfolio in the first quarter of the current fiscal.