Mindspace

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 Mindspace Business Parks REIT (Mindspace” or the “MREIT) is a real estate investment trust sponsored by K Raheja Corp Group. K. Raheja Corp Investment Managers Pvt. Ltd (“Manager”) has been appointed as the manager to MREIT. MREIT is one of the country’s largest Grade A office portfolios with five integrated business parks and five independent office assets managed through eight Special Purpose Vehicles (SPVs), spanning 33.2 million square feet (msf) of leasable area as on March 31, 2024 across key business district of Mumbai Metropolitan Region, Hyderabad, Pune, and Chennai under the brand name of Mindspace, Commerzone and The Square.  The proposed IFC investment involves a sustainability-linked loan of up to INR12bn (approximately US$150 million) to Mindspace in the form of non-convertible debentures. IFC’s investment will be committed in multiple tranches and will be used for general corporate purposes, including for payment of fees and issue expenses, repayment of existing financial indebtedness, direct or indirect acquisition of properties, and for providing loans to the SPVs for meeting their construction related expenses, working capital or general corporate requirements, repayment of their financial indebtedness, and/or acquisition of commercial properties directly or indirectly in accordance with Applicable Laws. (“Project”). The project includes existing and under-construction assets, with brownfield expansion within existing parks. Within IFC's scope, MREIT does not envisage land acquisition for the new asset development.