India: Mindspace REIT Ropes In GIC, Others As Investors Ahead Of $600m IPO

Mindspace Business Parks REIT, owned by K Raheja group and Blackstone, has raised as much as Rs 1,125 crore ($150 million) from a slew of investors including Singapore sovereign wealth fund GIC Pte Ltd ahead of its initial public offering, per a report by VC Circle.

Other investors who bought Mindspace REIT units include US-based Capital Group, Singapore state firm Temasek-owned Fullerton, insurance company NTUC Income, among others.

The real estate investment trust allotted a total of 40.9 million units to the investors, added the report.

The company has filed its final offer document to launch an IPO worth Rs 4,500 crore, of which it plans to raise up to Rs 1,000 crore through fresh sale of units. It plans to garner the remaining Rs 3,500 crore through an offer for sale by existing unit holders such as private equity firm Blackstone and K Raheja group entities.

The issue is likely to hit the market this month and the proposed corpus will help Mindspace to repay its debt, among others.

According to information available on its website, the Mindspace REIT has a total leasable area of 29.5 million sq. ft (msf) in the commercial space. This comprises 23 msf of completed area. It claims to have over 170 tenants across 53 completed buildings.

This would be the second time that a REIT is making a stock market debut in India. Last year, Blackstone-backed Embassy Office Parks REIT raised nearly Rs 5,000 crore in a public issue.