Mindspace REIT raises $150mn from GIC, US asset managers

///Mindspace REIT raises $150mn from GIC, US asset managers

Mindspace REIT raises $150mn from GIC, US asset managers

by India Global Business Staff
Mindspace REIT raises $150mn from GIC, US asset managers

The REIT allotted 40.9 million units to a handful of foreign institutional investors including GIC and US based Capital Group.

The Mindspace Business Parks REIT, backed by Mumbai based real estate firm K Raheja Corp and US based private equity firm Blackstone, raised $150 million from a bunch of foreign investors ahead of its initial public offering.

According to the offer document, the REIT allotted 40.9 million units to a handful of foreign institutional investors including Singapore sovereign wealth fund GIC Pte at $3.67 per unit. GIC and US based Capital Group each acquired Mindspace REIT units for $60 million. REIT raised $18 million from Boston based asset manager Fidelity.

Other investors include Singapore state firm Temasek owned Fullerton, Singapore insurance company NTUC Income.

Mindspace is set to publicly announce its price band for the REIT offering. REIT aims to raise $600 million through the IPO, which will open to public investors on 27 July.

Mindscape will use the funds from the fresh issues of the units for repaying its debt, redeeming its preference shares and for general corporate purpose.

About the Author: India Global Business Staff