Mindspace Business Parks REIT IPO
Mindspace Business Parks is part of the K Raheja Corp group of company and is the owner of 23 mn sq. ft. of completed grade-A office portfolio located in four key office markets of India including Mumbai. Total portfolio comprises of Leasable Area of 29.5 msf including 1.8 msf of Under Construction Area while balance 4.6 msf comprises of Future Development Area, as of March 31, 2020.
Mindspace Business Parks IPO Detail
Mindspace Business Parks REIT
Issue Period: July 27, 2020 to July 29, 2020
₹20/- For Intraday, F&O, Currencies & Commodities
Company Information
Mindspace Reit was settled on November 18, 2019 at Mumbai, Maharashtra, India as a contributory determinate irrevocable trust under the provisions of the Indian Trusts Act, 1882, pursuant to a trust deed dated November 18, 2019. Mindspace REIT was registered with SEBI on December 10, 2019, at Mumbai as a REIT pursuant to the REIT Regulations having registration number IN/REIT/19- 20/0003. Mindspace REIT has been settled by the Sponsors for an initial sum of ₹10,000. CTL and ACL are the sponsors of Mindspace REIT. K Raheja Corp (KRC) Investment Managers LLP (held by Mr. Ravi C. Raheja and Mr. Neel C. Raheja, as the partners) has been appointed as the Manager for Mindspace REIT, and Axis Trustee Services Limited has been appointed as the Trustee to Mindspace REIT.
Key Highlights of Mindspace Business Parks REIT- Mumbai Portfolio spread across 4 properties with completed area of 9 msf, under construction area of 1 msf and further development area of 2.1 msf. Hyderabad portfolio spread across 2 properties with completed area of 10.3 msf, under construction area of .3 mfs and further development area of .4 msf.
- Mumbai portfolio has total area of 12.1 msf (41%), Hyderabad portfolio has total area of 11.5 msf (39%), Pune portfolio has total area of 5 msf (17%) and Chennai portfolio has total area of .8 msf (3%).
- 85% of gross rental comes from foreign MNC companies like Accenture, Qualcomm, Barclays, JP Morgan, Amazon, UBS, etc.
- Portfolio assets well diversified across 172 tenants and no tenant dependency of more than 7.7% with committed occupancy of 92% as of March 2020.
- Average collection for March, April and May are at 97.5% and management expects to collect 1-1.5% more in June month, which is better than other real estate companies.
- Mindspace’s current in-place rent is at `51.8 psf vs. market rent of `63.5 psf, which gives 22.6% MTM opportunity in near future.
- Mindspace has stable cash flow with contracted escalations of 10-15% every three years with typical average contract period (WALE) of 5.8 years.
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