India: Mindspace REIT ropes in GIC, others as investors ahead of $600m IPO

IPO

Mindspace Business Parks REIT, owned by K Raheja group and Blackstone, has raised as much as Rs 1,125 crore ($150 million) from a slew of investors including Singapore sovereign wealth fund GIC Pte Ltd ahead of its initial public offering, per a report by VC Circle.

Other investors who bought Mindspace REIT units include US-based Capital Group, Singapore state firm Temasek-owned Fullerton, insurance company NTUC Income, among others.

The real estate investment trust allotted a total of 40.9 million units to the investors, added the report.

The company has filed its final offer document to launch an IPO worth Rs 4,500 crore, of which it plans to raise up to Rs 1,000 crore through fresh sale of units. It plans to garner the remaining Rs 3,500 crore through an offer for sale by existing unit holders such as private equity firm Blackstone and K Raheja group entities.

The issue is likely to hit the market this month and the proposed corpus will help Mindspace to repay its debt, among others.

According to information available on its website, the Mindspace REIT has a total leasable area of 29.5 million sq. ft (msf) in the commercial space. This comprises 23 msf of completed area. It claims to have over 170 tenants across 53 completed buildings.

This would be the second time that a REIT is making a stock market debut in India. Last year, Blackstone-backed Embassy Office Parks REIT raised nearly Rs 5,000 crore in a public issue.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.