Mindspace Business Parks REIT Allots ₹500 Crore NCDs at 7.6335% Coupon Maturing September 2028

Mindspace REIT Completes ₹500 Crore NCD Allotment

Mindspace Business Parks REIT allotted 50,000 non-convertible debentures worth ₹500 crore at 7.6335% coupon, maturing September 26, 2028. The allotment was approved by the Executive Committee of K Raheja Corp Investment Managers Private Limited, the REIT's manager.

Debt Capital Structure

Each debenture carries a face value of ₹10 lakh, with quarterly coupon payments and a two-year tenor ending in September 2028. Mindspace Business Parks REIT owns a portfolio of premium office parks across Mumbai, Hyderabad, Pune and Chennai, catering to a diversified base of multinational and domestic occupiers. Sponsored by the K Raheja Corp Group, it is among India's largest listed office REITs.

Credit Ratings and Capital Strategy

CRISIL and ICRA reaffirmed Mindspace REIT's AAA/Stable ratings and A1+ commercial paper ratings on August 20-21, 2026. This latest issuance aligns with the REIT's broader debt management framework and follows a ₹600 crore NCD allotment earlier in August 2026.

The REIT regularly accesses debt markets to maintain a balanced capital structure while supporting acquisitions, development and asset enhancement initiatives. Maintaining a diversified funding mix allows it to optimise financing costs and preserve long-term balance sheet strength.

Portfolio and Market Position

The REIT owns quality office assets located in four key office markets of India, namely the Mumbai Region, Pune, Hyderabad, and Chennai, and has one of the largest Grade-A office portfolios globally. The portfolio has a total leasable area of 39.0 msf, comprising 31.9 msf of completed area, 3.6 msf of area under construction, and 3.5 msf of future development. The portfolio consists of 5 integrated business parks and 9 quality independent office assets with superior infrastructure and amenities.