Just ahead of its IPO, Mindspace Business Parks REIT has successfully raised Rs 1,578.74 crore. Owned by Blackstone and K Raheja Group, this REIT has proposed to raise over Rs 4,500 through its upcoming IPO.
Under its REIT portfolio, Mindspace has 295 lakh sqft of office space located across Pune, Mumbai, Hyderabad, and Chennai. Out of this, over 245 lakh sq ft area is completed. REIT has emerged as an attractive investment as the office market has been performing well despite the continuing slowdown in the real estate market in general. If we talk about the net office space leasing in the last calendar year, it was at 450-500 lakh sq ft while the gross leasing stood at 550-600 lakh sq ft during this period.
Recently, the COVID-19 pandemic has stalled the expansion plans of the coworking companies as well as that of the corporates. It has negatively impacted the gross leasing of office spaces.