Mindspace Business Parks REIT has informed the Exchange regarding Credit rating obtained on 27/10/2025
Awaiting price reaction for this filing.
ICRA has reaffirmed Mindspace Business Parks REIT's issuer rating at [ICRA]AAA (Stable), the highest investment-grade rating. All existing Non-Convertible Debenture (NCD) tranches totaling Rs. 5,190 crore were reaffirmed at AAA/Stable, along with a proposed NCD of Rs. 1,650 crore. Additionally, ICRA assigned a fresh AAA/Stable rating to a new proposed NCD of Rs. 1,000 crore. The Commercial Paper programme of Rs. 2,500 crore was reaffirmed at [ICRA]A1+. Total rated instruments now stand at Rs. 10,340 crore. The rating reflects REIT's diversified Grade-A office portfolio of 30.2 msf completed area with 91.9% committed occupancy, low leverage (LTV of 25%), and total debt/NOI of 4.2x.
This is a positive stability signal for unitholders and debt investors, confirming the REIT's strong credit quality with no rating changes. The fresh rating on a new Rs. 1,000 crore NCD suggests the REIT is preparing to raise additional debt, likely to fund growth or refinance existing obligations.