Mindspace Business Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
ICRA has reaffirmed Mindspace Business Parks REIT's issuer rating and all existing non-convertible debenture (NCD) ratings at [ICRA]AAA (Stable), covering about Rs. 5,190 crore of existing NCDs and Rs. 1,650 crore of proposed NCDs. A new rating of [ICRA]AAA (Stable) has been assigned for an additional proposed NCD of Rs. 1,000 crore, raising the total rated amount to Rs. 10,340 crore from Rs. 9,340 crore. The Rs. 2,500 crore Commercial Paper programme has been reaffirmed at [ICRA]A1+. ICRA cited the REIT's large, diversified Grade-A office portfolio (30.2 msf completed, 91.9% committed occupancy), low leverage with LTV of 25% and total debt/NOI of 4.2x, and the experienced K Raheja Corp Group sponsorship as key strengths.
The highest-grade AAA/Stable reaffirmation signals strong financial health and easy access to debt markets for the REIT, with no negative change for unit holders. The new Rs. 1,000 crore NCD facility provides additional borrowing headroom for growth, while refinancing risk on existing debt remains the key monitorable.