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{"source_url": "https://web.archive.org", "url": "https://web.archive.org/web/20200102172546id_/https://www.moneycontrol.com/news/business/real-estate/indias-2nd-reit-mindspace-business-parks-files-for-rs-1000-crore-reit-listing-4777871.html", "title": "India's 2nd REIT: Mindspace Business Parks files for Rs 1,000 crore REIT listing", "top_image": "https://static-news.moneycontrol.com/static-mcnews/2017/07/REIT.jpg", "meta_img": "https://static-news.moneycontrol.com/static-mcnews/2017/07/REIT.jpg", "images": ["https://img-d02.moneycontrol.co.in/images/common/header/logo.png?v=0.1", "https://sb.scorecardresearch.com/p?c1=2&c2=6683813&cv=2.0&cj=1", "https://static-news.moneycontrol.com/static-mcnews/2017/07/REIT.jpg", "https://img-d01.moneycontrol.co.in/images/2019/bajaj-fd-mo-100x30.jpg", "https://img-d02.moneycontrol.co.in/images/common/header/new_icon_animated.gif", "https://img-d02.moneycontrol.co.in/images/common/header/beta_icon.gif", "https://stat1.moneycontrol.com/mcnews//images/grey_bg.gif", "data:image/png;base64,R0lGODlhAQABAAD/ACwAAAAAAQABAAACADs="], "movies": [], "text": "Mindspace Business Parks REIT, backed by Mumbai-based realtor K Raheja Corp and private equity firm Blackstone Group, has filed for an initial public offering (IPO) worth Rs 1,000 crore with markets regulator SEBI.\n\nThis is India's second REIT listing after Embassy Parks launched its first REIT in 2019.\n\nMindspace Business Parks REIT is expecting to raise more than Rs 1,000 crore through the fresh issue of shares and an offer for sale by both K Raheja Corp and Blackstone.\n\nOut of K Raheja Corp's total commercial development, the portfolio carved out for the REIT includes Grade-A office spaces spread across around eight information technology parks in cities including Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai.\n\nK Raheja Corp is the country's second largest developer of commercial parks and was seen as a prominent candidate for listing REITs in India. The Mumbai-headquartered company has developed commercial space in the western and southern parts of the country under the brands Mindspace and Commerzone.\n\nAs per the document, the portfolio of the properties for the Mindspace Business Park REIT is spread across Hyderabad, Mumbai, Pune and Chennai. The total area of completed properties is 19.8 million sq ft and that which is under construction or part of future development is 9.7 million sq ft.\n\n\"The launch of Embassy REIT in 2019 opened up a new asset class for investment in country. Its success can be gauged from the fact that between 18 March and 30 November 2019, the price of a single REIT unit reached Rs 445.3 from a launch price of Rs 300, registering a significant 48% improvement. The country is expected to see the launch of at least one more REIT in the coming year,\" Anshuman Magazine, Chairman & CEO - India, South East Asia, Middle East & Africa at CBRE had said.\n\nIn April last year, Embassy Office Parks, a joint venture between the Bengaluru-based property developer and private equity firm Blackstone, had put 33 million square feet of office and hospitality assets under its proposed REIT comprising of seven business parks and four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.\n\nOut of the 33 million sq ft, about 24 million sq ft area was operational at 95 percent occupancy and yielding a rental income of over Rs 2,000 crore annually. Another 3 million sq ft area was under construction and 6 million sq ft area was in the pipeline.\n\nREIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make an investment in this platform and earn income. Securities and Exchange Board of India (SEBI) had notified REIT's regulations in 2014, allowing setting up and listing of such trusts, which are popular in some advanced markets.\n\nREITs are listed entities that invest in income-generating properties and distribute at least 90 percent of their income proceeds to unit-holders through dividends. After registration with SEBI, units of REITs will have to be mandatorily listed on exchanges and traded like securities.\n\nProperties listed through a REIT are typically commercial assets -- primarily office spaces that can generate steady and lucrative rental income. Retail malls, hotels, hospitals, schools, student housing, and hotels. Even PSU buildings can be put under REITs.\n\nREITs offer investors who have an appetite as small as Rs 2 lakh an opportunity to invest in the commercial real estate market. Like listed shares, small investors can buy units of REITs from both primary and secondary markets.\n\nMarket regulator SEBI had notified REITs norms in September 2014, but they never took off. REITs norms have been modified by five times since then.\n\nAccording to a report by JLL India, the country\u2019s commercial real estate market has 294-million-square-feet office space that can be potentially pooled in REITs. Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code \"GETPRO\". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.", "keywords": [], "meta_keywords": [""], "tags": ["PR Post", "#Real Estate", "View All", "#IPO - News"], "authors": ["Vandana Ramnani"], "publish_date": null, "summary": "", "article_html": "", "meta_description": "The portfolio of the properties for the Mindspace Business Park REIT is spread across Hyderabad, Mumbai, Pune and Chennai. The total area of completed properties is 19.8 million sq ft and that which is under construction or part of future development is 9.7 million sq ft", "meta_lang": "", "meta_favicon": "https://img-d01.moneycontrol.co.in/mcnews/images/favicon.ico", "meta_data": {"viewport": "width=device-width, initial-scale=1.0, maximum-scale=1.0, user-scalable=0", "description": "The portfolio of the properties for the Mindspace Business Park REIT is spread across Hyderabad, Mumbai, Pune and Chennai. The total area of completed properties is 19.8 million sq ft and that which is under construction or part of future development is 9.7 million sq ft", "news_keywords": "real estate, REITs, commercial, K Raheja Corp, Mindspace,Mindspace Business Parks", "Keywords": "real estate, REITs, commercial, K Raheja Corp, Mindspace,Mindspace Business Parks", "robots": "NOODP", "Last-Modified": "2020-01-01T05:58:10+05:30", "og": {"locale": "en_US", "site_name": "Moneycontrol", "type": "website", "url": "https://www.moneycontrol.com/news/business/real-estate/indias-2nd-reit-mindspace-business-parks-files-for-rs-1000-crore-reit-listing-4777871.html", "title": "India's 2nd REIT: Mindspace Business Parks files for Rs 1,000 crore REIT listing", "description": "The portfolio of the properties for the Mindspace Business Park REIT is spread across Hyderabad, Mumbai, Pune and Chennai. The total area of completed properties is 19.8 million sq ft and that which is under construction or part of future development is 9.7 million sq ft", "image": "https://static-news.moneycontrol.com/static-mcnews/2017/07/REIT.jpg"}, "twitter": {"card": "summary_large_image", "site": "@moneycontrolcom", "creator": "@moneycontrolcom", "url": "https://www.moneycontrol.com/news/business/real-estate/indias-2nd-reit-mindspace-business-parks-files-for-rs-1000-crore-reit-listing-4777871.html", "title": "India's 2nd REIT: Mindspace Business Parks files for Rs 1,000 crore REIT listing", "image": {"src": "https://static-news.moneycontrol.com/static-mcnews/2017/07/REIT.jpg"}}, "fb": {"pages": 143902715620459}, "HandheldFriendly": "true", "apple-itunes-app": "app-id=408654600,affiliate-data=ct=smartbanner_mobileweb&pt=8949&utm_source=smart_banner", "dailymotion-domain-verification": "dmpn9sdnwtvex9ltc"}, "canonical_link": "https://www.moneycontrol.com/news/business/real-estate/indias-2nd-reit-mindspace-business-parks-files-for-rs-1000-crore-reit-listing-4777871.html"} |
