Mindspace Business Parks REIT Redeems ₹500 Crore Series 6 NCD Principal on Maturity

Debt Redemption on Schedule

Mindspace Business Parks REIT completed the full redemption of the principal amount for its Series 6 Non-Convertible Debentures on June 29, 2026, one day prior to the scheduled due date of June 30, 2026. A total of 50,000 NCDs were redeemed, amounting to ₹500 crore, and following this redemption, the outstanding principal amount for this series stands at nil.

The REIT also paid interest on 14 NCD series for the quarter ended June 30, 2026. The interest payments covered 14 different NCD series, with issue sizes ranging from ₹340 crore to ₹1,200 crore. The frequency of payments was quarterly for most series, except for Series 13, which followed a half-yearly schedule. The record date for interest payments across all series was June 15, 2026.

REIT Compliance and Financial Strength

All payments were settled on June 29, 2026, confirming no unpaid obligations as of the due date. K Raheja Corp Investment Managers Private Limited, acting as the manager to Mindspace Business Parks REIT, submitted the compliance certificate to BSE Limited.

CRISIL and ICRA reaffirmed AAA/Stable ratings for REIT debt and A1+ for commercial paper in June 2026. FY26 highlights include NOI of ₹26,636 million (+29.2% year-on-year), revenue from operations of ₹32,342 million (+26.2% year-on-year), NAV per unit of ₹527.0, distribution per unit of ₹24.09 (+9.7% year-on-year), and gross leasing of 7.1 million square feet.

Portfolio and Recent Acquisitions

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020. The REIT owns quality office assets located in four key office markets of India: 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 million square feet, comprising 31.9 msf of completed area, 3.6 msf of area under construction, and 3.5 msf of future development.

Mindspace Business Parks REIT completed the acquisition of a 51% stake in Radial IT Park Private Limited on June 8, 2026, securing control over the International Tech Park Chennai located on Radial Road. The transaction adds an office property with a total leasable area of approximately 2.6 million square feet to its portfolio.

K Raheja Corp Legacy

K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. It owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India. Founded in 1956 by Chandru Raheja, K Raheja Corp was formed after a split between Raheja brothers as a separate group.