MINDSPACE

May 19 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT - RAISING OF FUNDS VIA DEBT SECURITIES UP TO 165 BILLION RUPEES

Source text: ID:nBSEG7w9j

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Ujjaini Dutta

BENGALURU, May 14 (Reuters Breakingviews) - Artificial intelligence may be cutting jobs in India but its office leasing market is enjoying a temporary reprieve. Investors piled into the latest initial public offering of a Blackstone-backed BX.N real estate investment trust in Bengaluru, the outsourcing hub that hosts one quarter of the country's office stock. Units of Bagmane Prime BAGM.NS - whose tenants include Amazon AMZN.O, Alphabet's GOOGL.O Google and Samsung 005930.KS - opened up 4% on their debut on Thursday. Tight supply of commercial space will keep vacancies low and rents firm for a while yet in the $190 billion market.

India's offices logged record quarterly leasing volume at 30 million square feet for the three months to March, up 6% year-on-year, according to Knight Frank, nearly one-third of the record annual gross leasing volume of 83 million square feet in 2025. Sophisticated back offices of multinational companies, also known as global capability centres, accounted for 40% of last year's demand. Overall vacancy rates remain low at 14% and landlords across key cities such as Bengaluru and Hyderabad have seen rents increase by as much as 8% year-on-year.

But Bagmane's prospectus for its $357 million offering notes that AI-led workforce restructuring is prompting tenants to reassess space requirements: GCC headcount in India is expected to grow 7% a year through March 2030, a sharp slowdown from an 11% annual pace in the previous decade and a half, according to industry body Nasscom and JLL Research.

The comfort is that new completions for the quarter ended March 2025 were barely half of the space absorbed during the same period. What's more, companies spend heavily on fitting out offices so they can be slow to reduce their office space even after they shrink headcount. Bagmane's well-located portfolio in what it calls the "world's best performing micro-markets", including Bengaluru's highly-sought after Outer Ring Road, will offer a further cushion in the event of any slack in demand.

For now, India's leading publicly traded REITs are doing well. Embassy Office Parks EMBA.NS, Mindspace Business Parks MINS.NS and Brookfield India BROF.NS have outperformed the benchmark Nifty 50 stock Index .NSEI and local developer DLF DLF.NS by up to 26 and 35 percentage points over the past one year. Investors, though, will be watching closely for any sign the balance is shifting from landlords to renters.

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CONTEXT NEWS

Units of Blackstone-backed Bagmane Prime Office opened up 4% on May 14 following the real estate investment trust's initial public offering. The deal was nearly 24 times subscribed as of May 7, National Stock Exchange data showed.

The offering worth 34.05 billion rupees ($357 million) comprised new units worth 23.9 billion rupees and existing units 10.15 billion rupees by the selling unitholder, Blackstone.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on DUTTA/ujjaini.dutta@thomsonreuters.com))

MUMBAI, May 6 (Reuters) - India's Mindspace Business Parks REIT MINS.NS has accepted bids worth 5 billion rupees ($52.83 million) for bonds maturing in 10 years, three bankers said on Wednesday.

The company will pay an annual coupon of 7.63% and had invited coupon and commitment bids from bankers and investors on Tuesday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on May 6:

*Size includes base plus greenshoe for some issues

($1 = 94.6512 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Sonia Cheema)

((Dharamraj.dhutia@tr.com))

MUMBAI, April 30 (Reuters) - India's Mindspace Business Parks REIT MINS.NS plans to raise 5 billion rupees ($52.6 million)by selling bonds maturing in 10 years, three bankers said on Thursday.

The company has invited coupon and commitment bids from bankers and investors for the issue on Tuesday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on April 30:

*Size includes base plus greenshoe for some issues

($1 = 95.1050 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com, Khushi Malhotra))

April 29 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT - APPROVED RAISING OF FUNDS THROUGH ISSUANCE OF NCDS AND/OR COMMERCIAL PAPERS UP TO 157 BILLION RUPEES

Source text: ID:nNSE8NSZ4n

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

April 24 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT - MINSPACE REIT TO CONSIDER FUND RAISING

Source text: ID:nBSEbTNhzl

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

March 31 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• TO BUY 100% SHAREHOLDING IN SYCAMORE PROPERTIES FOR 15.97 BILLION RUPEES

• TO BUY 100% SHAREHOLDING IN CONTENT PROPERTIES FOR 9.44 BILLION RUPEES

Source text: ID:nBSE7HmlYC

Further company coverage: MINS.NS

((Reutersbriefs@thomsonreuters.com;))

MUMBAI, March 4 (Reuters) - India's Mindspace Business Parks REIT MINS.NS accepted bids worth 5.60 billion rupees ($60.85 million) in a sale of bonds maturing in three years, three bankers said on Wednesday.

The company will offer a yield of 7.1652% and had invited commitment bids from bankers and investors for the issue earlier in the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 4:

*Size includes base plus greenshoe for some issues

($1 = 92.0230 Indian rupees)

(Reporting by Dharamraj Dhutia and Khushi Malhotra)

((Dharamraj.dhutia@tr.com, khushi.malhotra@tr.com))

MUMBAI, March 2 (Reuters) - India's Mindspace Business Parks REIT MINS.NS plans to raise 5.60 billion rupees ($61.2 million) by selling bonds maturing in three years, three bankers said on Monday.

The company will pay a coupon of 6.96% payable quarterly and had invited commitment bids from bankers and investors for the issue earlier on the day, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on March 2:

*Size includes base plus greenshoe for some issues

($1 = 91.4500 Indian rupees)

(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)

((Dharamraj.dhutia@tr.com))

Adds statement from Embassy REIT CEO in paragraph 10, updates share moves

By Gopika Gopakumar and Hritam Mukherjee

MUMBAI, Feb 6 (Reuters) - India's central bank on Friday announced measures to boost credit to small businesses and the real estate sector to improve access to formal financing and strengthen last-mile lending.

The Reserve Bank of India proposed doubling the limit on collateral-free loans for small enterprises to 2 million rupees ($22,170.49) from 1 million rupees ($11,085.25).

The revised norms will apply to loans sanctioned or renewed from April 1, 2026.

The Reserve Bank of India also said banks would be allowed to lend to real estate investment trusts under prudential safeguards, extending a facility already available to infrastructure investment trusts.

REITs own and manage income-generating assets such as offices and malls. India's markets regulator recently allowed them to be treated as equity, opening the door to mutual fund investments.

Shares of Mindspace Business Parks REIT MINS.NS rose 0.9% to lead listed trusts, while Brookfield India Real Estate Trust BROF.NS gained 0.2% and Nexus Select Trust NEXE.NS advanced 0.5% in afternoon trade.

The broader benchmarks were mixed in afternoon trade, clawing back some of their losses after the central bank kept rates unchanged as expected on Friday.

"Upon review and considering the presence of strong regulatory and governance framework for listed REITs, it is proposed to permit commercial banks to extend finance to REITs, subject to appropriate prudential safeguards," the RBI said in a statement.

The existing guidelines are being aligned to match "prudential safeguards" proposed for lending to REITs, it added, and once made effective, could spur fresh funding into property assets and stoke the growth of the sector.

"This policy will help expand access to longer-term, competitive bank finance, which will support healthier balance sheets and stable growth by reducing the need for frequent refinancing," Amit Shetty, chief executive of Embassy Office Parks REIT EMBA.NS said.

($1 = 90.2100 Indian rupees).

(Reporting by Gopika Gopakumar in Mumbai and Hritam Mukherjee in Bengaluru; Editing by Nivedita Bhattacharjee)

((Gopika.Gopakumar@thomsonreuters.com;))

Jan 27 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT DEC-QUARTER CONSOL NET PROFIT 1.8 BILLION RUPEES

• MINDSPACE BUSINESS PARKS REIT DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 8.14 BILLION RUPEES

Source text: [ID:]

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 8 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• APPROVED RAISING OF ADDITIONAL FUNDS THROUGH NCDS WORTH UP TO 130 BILLION RUPEES

Source text: ID:nBSE3vpsvv

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

Jan 5 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• TO CONSIDER FUNDRAISING VIA NON-CONVERTIBLE DEBT SECURITIES

Source text: ID:nNSE7rHt0R

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, Nov 14 (Reuters) - India's Mindspace Business Parks REIT MINS.NS accepted bids for 7 billion Indian rupees ($79.64 million) for bonds maturing in five years, three bankers said on Friday.

The company will pay a coupon of 7.1485% payable quarterly and had invited commitment bids from bankers and investors for the issue on Thursday, they said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on November 14:

*Size includes base plus greenshoe for some issues

($1 = 88.6650 Indian rupees)

(Reporting by Dharamraj Dhutia; editing by Rashmi Aich)

((Dharamraj.dhutia@tr.com))

Updates with details of bond issue withdrawal

MUMBAI, Sept 10 (Reuters) - India's Mindspace Business Parks REIT MINS.NS has withdrawn its planned bond issue, due for bidding on Wednesday, and will tap the market again in coming days, two bankers said.

The company was looking to raise 6 billion rupees ($68.06 million) through the sale of bonds maturing in two years.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 10:

*Size includes base plus greenshoe for some issues

($1 = 88.1525 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Nivedita Bhattacharjee)

((Khushi.malhotra@tr.com))

Aug 20 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT - RAISES ADDITIONAL 5.50 BILLION RUPEES VIA SLB ISSUANCE

Source text: ID:nBSE3KF5K

Further company coverage: MINS.NS

((reuters.briefs@thomsonreuters.com;))

MUMBAI, Aug 18 (Reuters) - India's Mindspace Business Parks REIT MINS.NS accepts bids for 5.5 billion rupees ($62.91 million) for bonds maturing in eight years, three bankers said on Monday.

The company will pay a coupon of 7.1470% and had invited commitment bids from bankers and investors for the issue earlier in the day, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on August 18:

*Size includes base plus greenshoe for some issues

($1 = 87.4213 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Harikrishnan Nair)

((Khushi.malhotra@tr.com))

July 24 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MACK SOFT TECH ACQUISITION COMPLETED FOR 5.12 BILLION RUPEES

Source text: ID:nNSE73ktJb

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;;))

Jan 17 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• APPROVES ISSUANCE OF NCDS WORTH UPTO 5.7 BILLION RUPEES

Source text: ID:nBSEcfHjWJ

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;;))

MUMBAI, Nov 22 (Reuters) - India's Mindspace Business Parks REIT MINS.NS plans to raise 5 billion rupees ($59.2 million) through the sale of bonds maturing in three years and two months, three merchant bankers said on Friday.

The company has invited bids from bankers and investors for the issue on Monday, they said.

The company did not immediately reply to a Reuters email seeking comment.

Here is the list of deals reported so far on Nov. 22

*Size includes base plus greenshoe for some issues

($1 = 84.4925 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

((Dharamraj.dhutia@tr.com))

Sept 25 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MINDSPACE BUSINESS PARKS REIT - PARTNERSHIP WITH PRINCETON DIGITAL GROUP

• MINDSPACE BUSINESS PARKS REIT - PARTNERSHIP TO DEVELOP DATA CENTER CAMPUS IN INDIA

Source text for Eikon: ID:nBSEb36Y1v

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

MUMBAI, June 19 (Reuters) - Small Industries Development Bank of India (SIDBI) plans to raise up to 50 billion rupees, including a greenshoe of 30 billion rupees, through the sale of bonds maturing in three years, two months and 16 days, three merchant bankers said on Wednesday.

The company has invited bids from bankers and investors for the issue on Friday, they said.

In March, SIDBI had raised 34.23 billion rupees via bonds maturing in three years, four months and 15 days at a coupon of 7.68%.

Here is the list of deals reported so far on June 19:

*Size includes base plus greenshoe for some issues

($1 = 83.3880 Indian rupees)

(Reporting by Bhakti Tambe and Dharamraj Dhutia; Editing by Nivedita Bhattacharjee)

((Bhakti.Tambe@thomsonreuters.com))

MUMBAI, May 10 (Reuters) - A summary of primary bond market deals in India as of 6:00 p.m. IST (1230 GMT) on May 10. Please note the list includes deals reported by Reuters and is not exhaustive.

*Size includes base plus greenshoe for some issues

(Reporting by Bhakti Tambe)

((Bhakti.Tambe@thomsonreuters.com))

MUMBAI, May 2 (Reuters) - India's Mindspace Business Parks REIT MINS.NS plans to raise 5 billion rupees ($59.90 million) through sale of bonds maturing in five years, three merchant bankers said on Thursday.

The company has invited bids from bankers and investors on May 10, they said.

Here is the list of deals reported so far on May 2:

*Size includes base plus greenshoe for some issues

($1 = 83.4691 Indian rupees)

(Reporting by Dharamraj Dhutia
Editing by Eileen Soreng)

((Dharamraj.dhutia@tr.com))

April 30 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• APPROVED FUNDRAISE UPTO 5 BILLION RUPEES

Source text for Eikon: ID:nBSE1Ky7VR

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;))

March 21 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• MANAGER OF CO APPROVED ISSUE OF NON-CONVERTIBLE DEBT SECURITIES AND/COMMERCIAL PAPERS FOR UP TO 25 BILLION RUPEES

• MANAGER OF CO APPROVED RAISING FUNDS BY MINDSPACE REIT VIA ISSUE OF NON-CONVERTIBLE DEBENTURES FOR 3.4 BILLION RUPEES

Source text for Eikon: ID:nNSE2J9PdM

Further company coverage: MINS.NS

((Reuters.Briefs@thomsonreuters.com;;))

** Leasing demand from global captives to continue for India's Mindspace Business Parks REIT MINS.NS while that from IT likely to be sluggish for two years, says brokerage Ambit Capital

** MINS closed up 0.8%

** Adds occupancy in projects in non-Special Economic Zones (SEZ) has reached pre-Covid levels, SEZ vacancies near Mumbai expected to be leased in upto 2.5 years

** Co committed to secure tenants at earliest opportunity even at a discount leasing of 2 rupees-3 rupees per square feet - note

** Organic rev generation potential ranging between 6 bln rupees ($72.4 million) to 7 bln rupees expected in next 3-4 years - note

** Among real estate investment trusts, average analyst rating on MINS, rival Embassy Office Parks EMBA.NS is "buy" while Brookfield India BROF.NS is "strong buy" - LSEG data

** YTD MINS up 5.4%, BROF gains 4.2% while EMBA jumps ~22%

($1 = 82.8655 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

((Hritam.Mukherjee@thomsonreuters.com;))

Jan 29 (Reuters) - Mindspace Business Parks REIT MINS.NS:

• APPROVED DISTRIBUTION OF 4.80 RUPEES PER UNIT

• APPROVED ACQUISITION OF UNITS IN COMMERZONE YERWADA PARK BY MINDSPACE BUSINESS PARKS FOR 410 MILLION RUPEES

Source text for Eikon: ID:nNSE5xc4BQ

Further company coverage: MINS.NS

((Reutersbriefs@thomsonreuters.com;))

** India's residential sales to see an about 20% growth after a strong 2023, says Jefferies

** There is significant headroom for volumes to rise in medium term

** Special Economic Zone rules amendment for real estate investment trusts (REITs) have resulted in leasing uptick for office in late 2023 - Jefferies

** Relaxation in SEZ rules should drive improved flexibility for large-office holders; upgrades Mindspace Business Parks REIT MINS.NS to "buy" from "hold"

** Downgrades Prestige Estate Projects PREG.NS to "underperform" from "hold"; sees accelerated project investments requirements, given limited land bank as a key overhang on higher multiples

** Jefferies says weak P&L, lesser clarity on potential land bank could limit upside for Sobha SOBH.NS, downgrades to "hold" from "buy"

** Nifty realty index .NIFTYREAL rose 81.3% in 2023

(Reporting by Anisha Ajith in Bengaluru)

((anisha.ajith@thomsonreuters.com))

By Hritam Mukherjee and Anisha Ajith

BENGALURU, Dec 14 (Reuters) - India's largest real estate investment trust (REIT) Embassy Office Parks EMBA.NS expects the government's easing of regulation for special economic zones (SEZ) to boost its finances from the fiscal year starting April 2024.

Last week, India allowed developers to strip vacant floors in SEZs off the status and lease them to non-SEZ entities. SEZs, set up in 2005, were aimed at incentivising export-oriented companies but lost their allure to new entrants after tax holiday ended in 2020.

While the proportion of revenue Embassy generates from its SEZ properties was not immediately clear from its earnings reports, analysts at brokerage Investec said last week that Embassy has about 55%-60% of its portfolio in SEZs.

"We expect benefits to start showing on our financials from the first half of FY25," Embassy Office Parks CEO Aravind Maiya told Reuters on Tuesday.

"Once we get more clarity on the process and timeline involved in the floor-wise demarcation of vacant SEZ spaces, which is expected in the coming few weeks, we can start leasing out from around March next year."

Embassy, which has business parks at SEZs in Bengaluru and Noida, saw its consolidated profit fall 46% to 236.8 million rupees ($2.84 million) in the September quarter, while its revenue grew about 4%.

The office landlord has seen its SEZ occupancy levels decline from 94% at 2019-end to 80% by September this year.

Meanwhile, the share of leasing for SEZ spaces in overall office leasing has dropped from 22% in 2019 to 7% between January and September this year, data from real estate consultancy Colliers showed.

Analysts expect the recent easing of SEZ rules to benefit commercial realty players who own properties in SEZs.

Embassy's peers Brookfield India Real Estate Trust REIT BROF.NS, Mindspace Business Parks REIT MINS.NS and DLF DLF.NS, who will also potentially benefit from the change in regulation, did not reply to Reuters' requests for comments.

($1 = 83.3238 Indian rupees)

(Reporting by Hritam Mukherjee and Anisha Ajith in Bengaluru; Editing by Varun H K and Mrigank Dhaniwala)

((Hritam.Mukherjee@thomsonreuters.com; X: @MukherjeeHritam;))