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Mindspace Business Parks REIT has raised INR 550 crore from the International Finance Corporation (IFC) by issuing sustainability-linked bonds, following an earlier fundraising of INR 650 crore through a similar route last year. With this, the total raised under this structure stands at INR 1,200 crore. The issuance carries an eight-year tenure and a 'AAA (Stable)' rating from ICRA. As the first REIT in India to use sustainability-linked bonds under SEBI's ESG framework, Mindspace aims to expand its portfolio of green-certified office spaces across key business hubs in the country.
Mindspace Business Parks REIT has mobilised an additional INR 550 crore from the International Finance Corporation (IFC), the private sector investment arm of the World Bank Group. The capital was raised through sustainability-linked bonds, which are connected to environmental, social, and governance (ESG) performance targets. This follows its earlier fundraising of INR 650 crore through similar bonds in June last year, bringing the total to INR 1,200 crore. Advertisement
The bonds carry an eight-year tenure and have been assigned a 'AAA (Stable)' rating by ICRA. Shardul Amarchand Mangaldas acted as legal advisor for the issue, while Bureau Veritas conducted the independent review and provided verification of the sustainability framework. IFC's participation has added global credibility to the financing structure.
The company stated that the funds will be directed towards expanding its green-certified office spaces and lowering energy intensity across its properties. It also underlined that being the first REIT in India to raise such bonds under SEBI's revised ESG framework reflects its commitment to aligning growth with measurable sustainability outcomes.
Mindspace REIT, sponsored by K Raheja Corp, owns and operates Grade-A office parks across Mumbai, Pune, Hyderabad, and Chennai. Its portfolio covers 38.1 million sq ft of leasable space, including 31 million sq ft of completed projects, 3.7 million sq ft under construction, and 3.4 million sq ft earmarked for future development.
IFC representatives also pointed out that the investment is aimed at promoting sustainable commercial real estate in India while supporting high-quality tenant ecosystems and contributing to job creation in urban business districts.
Source PTI
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