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Mindspace Business Parks REIT listed on the stock exchanges

Mindspace Business Parks REIT listed on the stock exchanges

Mumbai: Mindspace Business Parks REIT (Real Estate Investment Trust NSE -4.91 %) was listed on the stock exchanges on Friday at 304 per unit, a 11% premium to its offer price of 275. Mindspace, backed by private equity firm Blackstone and K Raheja Corp, became the second real estate trust to be listed on Indian bourses after Embassy Office Parks REIT listing in April last year.

The initial public offer of Rs 4,500-crore Mindspace REIT was subscribed 13 times at the end of last month. The IPO consisted of a fresh issue of Rs 1,000 crore and offer for sale of Rs 3,500 crore from existing investors. The REIT unit ended at Rs 303.87 on BSE.

The premium listing will augur well for future investments in asset-backed financial products and commercial real estate in India, said fund managers.

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