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Mindspace Business Parks REIT has raised INR 12 billion through a three-year bond issue carrying a 6.96% quarterly coupon, drawing strong interest from banks and institutional investors. The REIT's latest fundraising comes as credit markets remain favourable for high-quality issuers. Rated Crisil AAA, the bonds include a base size and a greenshoe option, depending on demand. Market participants said the tenor and pricing made the deal competitive among the day's offerings. The successful issuance highlights Mindspace REIT's ability to secure efficient financing despite a cautious lending environment, further strengthening its position in the commercial real estate debt market.
Mindspace Business Parks REIT has secured INR 12 billion through a three-year bond sale, three bankers said, indicating strong interest from the market for the commercial real estate vehicle's latest debt issuance. The bonds, priced with a 6.96% quarterly coupon, were open for commitment bids from bankers and institutional investors earlier on Thursday. Advertisement
The REIT, which did not respond to emailed queries, has issued the bonds at a time when credit markets remain receptive to high-grade issuers. The offering carries a Crisil AAA rating, reflecting investor confidence in the portfolio's stability and cash-flow visibility. The bond size includes the base issue along with a greenshoe component, depending on investor appetite.
According to details shared by market participants, the three-year tenor and competitive pricing have positioned the issuance as an attractive option within the day's reported deals. The exchange rate at the time stood at USD 1 to INR 89.9110.
The INR 12 billion fundraising marks another notable debt transaction for Mindspace Business Parks REIT, reinforcing its access to competitive financing despite a selective credit environment.
Source - Reuters
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