Mindspace REIT raises Rs 550 cr from IFC via issue of green bonds

New Delhi, Aug 20 (PTI) Mindspace Business Parks REIT has raised an additional Rs 550 crore from the International Finance Corporation (IFC) through the issue of green bonds.

IFC is the private sector investment arm of the World Bank Group.

In a regulatory filing on Wednesday, the company said the additional Rs 550 crore fundraising follows its initial capital raising of Rs 650 crore through the issuance of Sustainability-Linked Bonds (SLBs) in June 2024.

The bond tenure is eight years.

"With this issuance, we are taking a big step forward on our sustainability journey. Being the first REIT to raise Sustainability Linked Bonds under SEBI's new ESG framework shows our intent to lead from the front," Ramesh Nair, MD and CEO of Mindspace REIT, said.

Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, owns office spaces in the Mumbai Region, as well as Pune, Hyderabad, and Chennai. It has a total leasable area of 38.1 million square feet comprising 31 million square feet of completed area, 3.7 million square feet of area under construction and 3.4 million square feet of future development.

Nair said the fundraising would help the company add more green-certified space. PTI MJH DRR