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Mindspace Business Parks REIT inches closer to IPO, revises darft prospectus

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MUMBAI: Mindspace Business Parks REIT, an entity collectively backed by realty developer Ok Raheja Corp and personal fairness main Blackstone Group, has revised its draft prospectus to increase Rs 1,000 crore by recent concern of shares through an preliminary public providing (IPO).

Each the entities are anticipated to supply part of their current shareholding by the supply on the market.

In January, ET had reported that this supply on the market will likely be round Rs 2,000 crore taking the entire concern dimension to Rs 3,000 crore.

The corporate has up to date the submitting to replicate the brand new enterprise setting within the backdrop of the Covid-19 induced lockdown.

It has leased further 7 lakh sq ft to tenants throughout varied properties since April 1.

As per the revised submitting with Sebi, it has accomplished further 3.Three million sq. ft. of latest workplace house since its earlier submitting final yr.

“Whereas we didn’t incur vital disruptions in our operations from Covid-19 throughout the monetary yr ended March 31, 2020 and picked up 99.4% of our gross contracted leases for the month of March 2020, our properties weren’t totally occupied by the tenants for the months of April and Might 2020,” the revised draft prospectus mentioned.

Nonetheless, the corporate additionally added that it has collected 97.8% and 95.2% of its gross contracted leases for the months of April and Might 2020 throughout lockdown.

The corporate has reported internet revenue of Rs 513.9 crore for the yr ended March on the again of whole earnings of Rs 2,026.2 crore.

Its portfolio features a whole leasable space of 29.5 million sq ft with 5 built-in enterprise parks and 5 unbiased places of work throughout the Mumbai Metropolitan Area, Pune, Hyderabad, and Chennai.

As on March finish, the entire market worth of its portfolio is Rs 23,675 crore, together with the power administration division.

The corporate’s shoppers embrace the likes of Accenture, Qualcomm, UBS, JP Morgan, Amazon, Barclays, Fb and Capgemini.

As of Might finish, dedicated occupancy of its portfolio stood at 92.4% and common lease was Rs 52.5 per sq ft.

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