INSUBCONTINENT EXCLUSIVE:
Mindspace REIT IPO: The price band of the initial public offering has been fixed at Rs 274-275 per share.The Rs 4,500 crore
Blackstone-backed Mindspace Business Parks REIT IPO kicks off on Monday
The price band of the issue is fixed at Rs 274-275 per share
Investors can bid for a minimum of 200 shares and in multiples of 200 shares
At the upper price band, investors would have to invest a minimum amount of Rs 55,000.Mindspace Business Parks REIT (Real Estate Investment
Trust) is jointly owned by K Raheja group and Blackstone Mindspace aims to raise up to Rs 1,000 crore through the issuance of fresh units
and up to Rs 3,500 crore by way of offer for sale (OFS), according to the documents filed with SEBI
The company will raise Rs 1,125 crore from strategic investors.The REIT has already raised Rs 2,644 crore from anchor and strategic
investors, with HSBC Global, Fidelity and Nomura Trust, Capital Income Builder and Cohen - Steers as among major investors.Mindspace
Business Parks REIT will only be the second of its kind in India, after the success of Embassy Office Parks REIT
Embassy Office Parks REIT was listed on April 1, 2019
It had raised nearly Rs 5,000 crore and has provided returns of 8 per cent till date.Real Estate Investment Trusts are popular real estate
investment instruments worldwide, but were introduced in India only a few years ago
REITs unlock the value of real estate assets
Unlike their equity peers, REITs provide assured returns to investors through compulsory dividend distribution
It is mandatory upon REITs to distribute 90 per cent of their net distributable income as dividend to the investors.Mindspace has leasable
area of 29.5 million square feet in prime locations at Mumbai, Pune, Hyderabad and Chennai.
