Mumbai, May 06, 2026: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner of quality Grade A office portfolio located in four key office markets of India, has raised INR 500 crore through a 10-year Non-Convertible Debenture (NCD) issuance. Fully subscribed by one of India’s leading life insurance companies, the issuance carries a fixed coupon of 7.63% (per annum payable quarterly) and holds AAA/Stable ratings from both CRISIL and ICRA. Proceeds from this issuance will be deployed inter alia towards refinancing existing borrowings.
This debt capital raise is consistent with Mindspace REIT’s plan to lock fixed rates for longer durations and ensures:
- Predictability of debt servicing costs
- Protection against interest rate volatility due to macroeconomic factors
- Expansion of investor base
Mindspace REIT has established a consistent track record of accessing long-term institutional capital. Including this transaction, Mindspace REIT (including its SPVs) has cumulatively raised approximately INR 16,400 crore through capital market instruments, including NCDs, Commercial Papers (CPs), Green Bond, and Sustainability Linked Bonds (SLBs). Mindspace REIT’s debt investor base spans across mutual funds, insurance companies, pension funds, etc.
Mr. Ramesh Nair, CEO & MD, Mindspace REIT, said, “We manage a REIT where income is stable, long-term, and predictable, and our borrowing strategy reflects the same discipline. We are happy to have one of India’s leading life insurance companies commit capital to us for 10 years, signalling the trust and interest in our papers. We are committed to long-term value creation through strong operating performance, judicious capital allocation and cost optimisation strategies.”
Ms. Preeti Chheda, CFO, Mindspace REIT, added, “This 10‑year fixed‑coupon NCD is consistent with our strategy to shift a larger share of borrowings to fixed interest instruments and lock in longer tenures to ensure greater cash flow stability. Mindspace REIT’s strong and consistent credit track record has enabled access to capital at competitive interest rates, despite the macroeconomic headwinds, supporting higher net distributable cashflows.”
Summary of the NCD Issuance:
| Amount Raised | INR 500 crore |
| Instrument | Non-Convertible Debentures (NCDs) |
| Tenor | 10 years |
| Coupon | Fixed at 7.63% (per annum payable quarterly) |
| Subscription | Fully subscribed by one of India’s leading life insurance companies |
| Use of Proceeds | Refinancing |
| Credit Ratings | AAA/Stable (CRISIL) and AAA/Stable (ICRA) |
Khaitan & Co advised Mindspace REIT as legal counsel for this transaction.
About Mindspace Business Parks REIT
Mindspace Business Parks REIT (SEBI Reg: IN/REIT/19-20/0003), sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. The REIT owns quality office assets located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade-A office portfolios globally. The portfolio has a total leasable area of 39.3 msf comprising of 32.0 msf of completed area, 5.4 msf of area under construction and 1.9 msf of future development. The portfolio consists of 5 integrated business parks and 9 quality independent office assets with superior infrastructure and amenities. It has a diversified and high-quality tenant base, with over 284 tenants. Most of the buildings in the portfolio are either Gold or Platinum Green Building Certified (IGBC/LEED). The assets provide a community-based ecosystem and have been developed to meet the evolving standards of tenants, and the demands of ‘new age businesses’, making it amongst the preferred options for both multinational and domestic corporations. To know more visit www.mindspacereit.com.
