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Mindspace Business Parks REIT raises $78 mn from international investor

VCCircle

VCCircle · 1y ago

Mindspace Business Parks REIT raises $78 mn from international investor

Mindspace Business Parks REIT has raised $78 million by issuing sustainability-linked bonds to an international investor, International Finance Corporation (IFC). The seven-year bonds carry a coupon rate of 7.94% per annum, which is linked to Mindspace's environment, social, and governance (ESG) targets. This investment will help enhance the sustainability of Mindspace's portfolio and reduce greenhouse gas emissions. Including this latest capital raise, Mindspace's green and sustainability-linked financing now stands at $246 million. The REIT, backed by K Raheja Corp, has office portfolios in Mumbai, Pune, Hyderabad, and Chennai with a total leasable area of 33.2 million square feet.

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Blackstone set to sell full stake in Embassy Office Parks REIT

VCCircle

VCCircle · 1y ago

Blackstone set to sell full stake in Embassy Office Parks REIT

Blackstone is set to sell its entire stake of 23.59% in Embassy Office Parks, India's largest real estate investment trust, for $833 million. The sale will be conducted through block deals in the secondary market at a 7.7% discount to the unit price. This marks Blackstone's exit from India's first ever listed REIT, following its sale of Mindspace Business Parks REIT in 2022. Embassy Office Parks owns and operates more than 45.3 million square feet of office parks and buildings in major Indian cities.

Sweat equity! Corporate India invests in workplace sports

Economic Times

Economic Times · 3d ago

Sweat equity! Corporate India invests in workplace sports

India Inc is increasingly integrating sports activities at workplaces to enhance employee bonding and reduce the gap between leadership and the workforce. Companies like PepsiCo, Myntra, and RPG Group are incorporating both traditional and new sports such as pickleball. Facilities like cricket nets, badminton courts, and football spaces are also offered. Mindspace Business Parks REIT notes rising demand for workplace sports, driven by Gen Z employees seeking both indoor and outdoor activities.

How is Blackstone faring in its $240-mn India exit

VCCircle

VCCircle · 1y ago

How is Blackstone faring in its $240-mn India exit

Blackstone has successfully exited several portfolio companies in India, including Sona BLW Precision and Embassy Office Parks REIT, generating a significant profit from its investments. The private equity firm has been at the forefront of monetizing investments in India, making a successful exit in 2023.

Embassy REIT to invest Rs 3,800 crore in 4 years to complete construction of 61 lakh sq ft office space

Money Control

Money Control · 1y ago

Embassy REIT to invest Rs 3,800 crore in 4 years to complete construction of 61 lakh sq ft office space

Embassy Office Parks REIT, the first publicly listed Real Estate Investment Trust in India, plans to invest Rs 3,800 crore ($511 million) over the next four years to complete the construction of 61 lakh sq ft of office space in Bengaluru. The company aims to meet the rising demand for premium office spaces from global capability centres and domestic players. The investment will primarily be funded through debt. Additionally, Embassy REIT has signed an agreement to acquire Embassy Splendid TechZone, a Grade-A business park in Chennai.

Embassy Office Parks REIT plans to raise up to $400 mn, hires banks

VCCircle

VCCircle · 1y ago

Embassy Office Parks REIT plans to raise up to $400 mn, hires banks

Embassy Office Parks REIT, India's largest real estate investment trust, plans to raise up to $400 million to meet the growing demand for office space. The company manages office parks with clients including Google, Cisco, and IBM. The funds raised will be used to repay debt and acquire land in Chennai. Commercial real estate in India is booming as companies continue to hire in record numbers. Embassy aims to seek board approval for the deal and expects it to attract foreign asset managers and mutual funds.

Embassy REIT to acquire business park in Chennai for Rs 1,269 crore; plans to raise Rs 2,500 crore

Money Control

Money Control · 1y ago

Embassy REIT to acquire business park in Chennai for Rs 1,269 crore; plans to raise Rs 2,500 crore

Embassy Office Parks REIT is acquiring Embassy Splendid TechZone (ESTZ), a business park in Chennai, for INR 1,269 crore. The move marks Embassy REIT's entry into Chennai and is aimed at diversifying its India presence and reducing its current leverage. To fund the acquisition and support future growth, Embassy REIT plans to raise INR 2,500 crore by selling units to investors. ESTZ comprises a completed area of 1.4 million square feet and is 95% occupied by global companies. The acquisition will expand Embassy REIT's portfolio to over 50 million square feet.

Brookfield India REIT raises $415 mn from IFC, others

VCCircle

VCCircle · 7m ago

Brookfield India REIT raises $415 mn from IFC, others

Brookfield India Real Estate Trust has raised $415 million by selling units to institutional investors such as the International Finance Corporation (IFC). The funds will be used to reduce leverage and acquire high-quality assets. This is the second institutional placement for the trust since its IPO in 2021. Brookfield India REIT manages 10 Grade-A assets across major cities in India and has a total leasable area of 28.9 million sq ft.

CapitaLand Trust’s new CEO has task cut out – cost control, capital base expansion

VCCircle

VCCircle · 10m ago

CapitaLand Trust’s new CEO has task cut out – cost control, capital base expansion

CapitaLand India Trust (CLINT) has appointed Gauri Shankar Nagabhushanam as its new CEO. Nagabhushanam's main priorities will be reducing costs and expanding the company's capital base. CLINT is a Singapore-listed REIT that invests in business and logistics parks, as well as data centres, primarily in India. The company aims to optimize its operations and diversify its capital structure under Nagabhushanam's leadership.

HDFC Bank leases Navi Mumbai office space for 10 years, to pay ₹320 crore rent | Company Business News

Livemint

Livemint · 7m ago

HDFC Bank leases Navi Mumbai office space for 10 years, to pay ₹320 crore rent | Company Business News

HDFC Bank has leased a 400,000-square-foot office space at Mindspace Business Parks in Airoli West, Navi Mumbai for INR 320 crore. The bank has entered into two separate lease agreements for a total of 395,000 sq ft of office space, along with parking slots. The ten-year lease agreement includes a 15% rental escalation provision. This move is part of the bank's expansion plans for its back office operations and IT-enabled services. Navi Mumbai is an emerging micro-market for commercial real estate, attracting businesses due to its strategic location and connectivity.

Asia Partners raises $474 mn for second PE fund

VCCircle

VCCircle · 1y ago

Asia Partners raises $474 mn for second PE fund

Singapore-based private equity firm, Asia Partners, has raised $474 million for its second fund. The firm focuses on investing in Southeast Asian tech companies. New investor, the International Finance Corp, joined the fund, along with returning investors such as the International Development Finance Corp and Financial Investments Corp from the US, Deutsche Investitions- und Entwicklungsgesellschaft from Germany, and Generation Capital from Canada. Asia Partners' assets under management now total $1 billion. The firm's portfolio includes ShopBack and Carsome, according to its website.

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