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NEW DELHI: Mindspace REIT has undertaken maiden REIT level green bond issuance in India, raising Rs. 550 crore, the company said in a statement.
Real Estate Investment Trusts or REITs are entities that own a pool of revenue generating real estate assets. Mindspace REIT has a portfolio combining Grade A integrated business districts and independent office buildings in Mumbai Region, Hyderabad, Pune and Chennai.
“Through this issuance, Mindspace REIT raised INR 5.5 billion (Rs. 550 crore) with a tenor of three years and thirty days at a fixed quarterly coupon of 8.02% per annum payable quarterly. The proceeds from this fund-raise shall be utilized towards refinancing loans availed by one of the Asset SPVs (special purpose vehicles) to fund the eligible green projects,” the company said.
The issue saw participation from leading insurers, mutual funds, and other investor classes.
Proceeds raised from a green bond issuance are primarily used for financing sustainable, climate friendly and energy efficient projects. For the current issuance, the eligible green project identified by Mindspace REIT is Gera Commerzone Kharadi, Pune, wherein all the completed and under construction buildings of the project are rated by Indian Green Building Council.
“We are excited to complete the first Green Bond issuance by an Indian REIT and integrate green financing in our business and projects. With this issuance, our collective green financing availed has increased to over INR 12 billion (Rs. 1,200 crore),” said Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT.
“This issuance further reiterates our commitment to building responsible business by setting up newer sustainability benchmarks. Today, over 90% of our portfolio is Green Certified and we continue to develop sustainable spaces for the future,” he said.
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