ICRA reaffirms AAA rating on NCDs; assigns AAA to proposed Rs 200 cr NCD

ICRA reaffirmed Mindspace REIT's issuer rating and Rs 8,500 crore NCD rating at AAA with Stable outlook. Also assigned AAA/Stable to a new proposed NCD of Rs 200 crore and reaffirmed A1+ on Rs 3,000 crore commercial paper programme. Portfolio occupancy stood at 90.7% and LTV at a comfortable 29.7% as of June 2026, with FY26 PAT of Rs 694.3 crore.