K Raheja Corp, Blackstone To List REIT, Raise Rs 1,000 Cr
New Delhi: MBAI: Mindspace Business Parks REIT, an company jointly owned real estate player K Raheja Corp and PE firm Blackstone Grp has filed prospectus with SEBI to raise Rs 1,000 crore through initial public offering (IPO). This will be the second REIT listing in the country.
Mindspace Business Parks REIT proposes to raise Rs 1,000 crore through a fresh issue of shares and an offer for sale by both the parent companies-K Raheja Corp and Blackstone.
Mindspace Business Parks REIT will use the proceeds of this IPO to prepay and also for scheduled repayment of some of the debts taken.
Mindspace Business Parks REIT has a total commercial leasable area of 29.5 million sq ft. Out of this, 19.8 million sq ft is completed and another 6.1 million sq ft in under construction. About 3.6 million sq ft is to be developed in future.
The commercial area portfolio of the company has five integrated business parks and five independent office complexes.
These properties are located in Mumbai and adjoin areas, Chennai, Hyderabad and Pune. Mumbai has the largest chunk of the leasable portfolio with 12.1 million sq ft.
These properties have 173 tenants and about 85 percent of their gross rentals came from MBCs. About 35 percent of the gross rents came from Fortune 500 companies, the company said in its prospectus.
In 2019, real estate firm Embassy and Blackstone had started India’s first listed REIT-Embassy Office Parks REIT and raised Rs 4,750-crore successfully.