In a regulatory filing, Mindspace Business Parks REIT informed that it has completed an issuance of commercial papers of Rs 100 crore for a maturity of three months at an interest rate of 7.2 per annum.
The REIT, sponsored by the K Raheja Corp group, recorded leasing of 4.5 million sq ft in FY22.
KBC ECO FUND sold 32,55,983 equity shares in NCC at Rs 73.52 per share on the NSE. Despite that, the stock rallied 4.75 percent to Rs 73.95.
While there may not be any new REIT launches in FY22, existing REITs will continue to perform well.
The company has a ROFO (right of first offer) pipeline of 8.6 msf across Mumbai Metropolitan Region, Hyderabad and Chennai
In a statement, Mindspace Business Parks REIT said it will distribute an amount of Rs 272.8 crore, which is Rs 4.60 per unit, with over 90 per cent being tax-exempt.
Both REITs and InvITs are low risk investments as they have to compulsory invest atleast 80 percent of their assets in completed and income generating projects.
Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of the green power.
Mindspace declared a distribution of Rs 283.5 crore, which is Rs 4.78 per unit, to its unitholders. This is the first distribution post its listing.
India’s second REIT collects 99 percent rentals and adds new tenants to its portfolio in its first exchange filing since its listing in August 2020.
The company that has joined the electric mobility initiative for clean transport will make the switch by expanding the charging infrastructure for electric vehicle across its business parks in India.
ICICI Securities is bullish on Mindspace Business Parks REIT recommended buy rating on the stock with a target price of Rs 358 in its research report dated September 14, 2020.
Considering the bumper response, more players may be encouraged to come forward. There may be one more REIT launched by the end of the financial year, say real estate experts
The Rs 4,500-crore public issue of Mindspace Business Parks REIT was subscribed nearly 13 times late last month.
Mindspace REIT listed with a double digit premium at Rs 304 on the BSE and closed at Rs 303.87, a 10.5 percent premium over issue price of Rs 275 per unit
This is the second REIT listing on the exchanges, after Embassy Office Parks REIT which was listed in March 2019 following fund raising of Rs 4,750 crore via IPO.