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Mindspace aims to prove that India’s Reits market is no one-hit wonder

Mindspace hopes to raise more than $150 million in IPO slated for the end of March; more Reit sales to follow in Mumbai during the next 18 months.

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Mindspace provides real estate in high-end business parks such as Juinagar, in the Mumbai region


Mindspace Business Parks, a real-estate investment trust backed by US private equity firm and Indian property developer K Raheja, aims to complete its IPO by the end of March, becoming the second Indian Reit to list in Mumbai within a year.

According to a draft prospectus filed by Mindspace on December 31, issuers aim to raise at least $150 million through the sale of fresh shares, with bankers hopeful that demand will push the deal size closer to the $200 million mark.

That the sale is going ahead at all is testament to the success of the first Indian Reit to hit the market. Embassy Office Parks Reit, launched in March 2019, was the result of years of hard work by Blackstone, the largest holder of prime property in India, and Embassy Property Developments, a private firm owed by Bangalore real estate magnate Jitendra Virwani.

For years, the market remained stillborn, with regulators and politicians butting heads with bankers and investors over the key issue of double taxation.