Mindspace Business Parks REIT Block Deal: ADIA likely to sell 9.2% stake for ₹1,903 crore – CNBC TV18
Abu Dhabi Investment Authority (ADIA), the world’s second-largest sovereign wealth fund, is likely to divest a 9.2% stake in Mindspace Business Parks REIT through a block deal valued at ₹1,903 crore, sources privy to the developments told CNBC-TV18.
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The floor price for the transaction is fixed at ₹350 per unit, indicating a clean-out trade, sources in the know told CNBC-TV18.
Mindspace Business Parks REIT reported a 5% growth in its net operating income to ₹503.7 crore in the second quarter of this fiscal and announced a distribution of ₹305.4 crore for the July-September period. The company’s net operating income (NOI) stood at ₹491.2 crore in the year-ago period.
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Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Pvt Ltd, Manager to Mindspace REIT, said, “Our performance in the second quarter reflects both the strength of our business and the broader momentum in the commercial real estate sector.”
“As demand for high-quality (office) spaces continues to grow, we play a key role in shaping this landscape. We leased around one million square feet of our completed portfolio and increased our committed occupancy to 91.7%, aligning with the sector’s need for premium, scalable solutions,” he added.
Mindspace Business Parks REIT, sponsored by the K Raheja Corp group, was listed on the Indian bourses in August 2020. It owns office portfolios in four key office markets, namely Mumbai Region, Pune, Hyderabad and Chennai.
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The portfolio has a total leasable area of 34.7 million square feet, comprising 26.4 million square feet of completed area, 4.4 million square feet of area under construction and 3.9 million square feet of future development.
Mindspace’s portfolio consists of five integrated business parks and five independent office assets with superior infrastructure and amenities.
Shares of Mindspace Business Parks REIT ended at ₹363.80, down by ₹4.06, or 1.10% on the BSE.
(Edited by : Shoma Bhattacharjee)
