About the Company:
Mindspace Business Parks owns quality office portfolio located in four key office markets of India.
Company’s Portfolio has Total Leasable Area of 29.5 msf and is one of the largest Grade-A office portfolios in India. The Portfolio comprises 23.0 msf of Completed Area, 2.8 msf of Under Construction Area and 3.6 msf of Future Development Area, as of March 31, 2020.
Company Portfolio consist of five integrated business parks with superior infrastructure and amenities (such as restaurants, crèches and outdoor sports arenas) and five quality independent offices.
Company’s Portfolio is located in Mumbai Region, Hyderabad, Pune and Chennai (“Portfolio Markets”), which are amongst the key office markets of India and accounted for approximately 58.0% of total Grade-A net absorption in the top six markets in India.
As of March 31, 2020, the Portfolio is well diversified with 172 tenants and no single tenant contributed more than 7.7% of the Gross Contracted Rentals.
Furthermore, as of March 31, 2020, approximately 84.9% of our Gross Contracted Rentals were derived from leading multinational corporations and approximately 39.4% from Fortune 500 companies.
Company’s tenant base comprises a mix of multinational and Indian corp orates, including affiliates of Accenture, Qualcomm, BA Continuum, JP Morgan, Amazon, Schlumberger, UBS, Capgemini, Facebook, Barclays and BNY Mellon, as of March 31, 2020.
The Portfolio is stabilized with 92.0% Committed Occupancy and a WALE (Weighted Average Lease Expiry) of 5.8 years, as of March 31, 2020.
In-Place Rent (INR psf/month):
Value of Portfolio:
The Total Market Value of the Portfolio, which comprises Market Value of the Portfolio and the facility management division, as of March 31, 2020, as per the Valuer, is Rs.23675.1 crores ($3.15 billion).
Key Portfolio information, as of March 31, 2020:
Development of Existing Business Parks:
As of March 31, 2020, Company’s Portfolio has a current development pipeline of 6.5 msf on land that is located within business parks, of which 2.8 msf is under construction, as set forth below:
Parent Company Details:
Company’s Sponsors are Anbee Constructions LLP and Cape Trading LLP, which form part of the KRC (K Raheja Corp) group, which is one of the leading and reputed real estate developers in India with significant experience and knowledge of undertaking large-scale real estate developments across India.
As of March 31, 2020, the KRC group has acquired and/or developed properties across various businesses (approximately 28.5 msf of commercial projects, six operational malls, 2,554 operational hotel keys and residential projects across five cities in India).
The KRC group has a dedicated multi- skilled workforce of approximately 9,300 employees across its various real estate and retail businesses, as of March 31, 2020.
The KRC group has two companies with equity shares listed on Indian stock exchanges having listed Shoppers Stop in 2005 and Chalet Hotels in 2019.
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Objectives of the Issue:
- Partial or full pre-payment or scheduled repayment of certain debt facilities of the Asset SPVs availed from banks/financial institutions.
- Purchase of NCRPS of MBPPL.
- General purposes.
Positives for the Company:
Portfolio with Significant Scale.
Company’s Portfolio has scale and some of our business parks are among the largest in their respective Portfolio Markets – for instance, Mindspace Madhapur and Mindspace Airoli East with a Total Leasable Area of 10.6 msf and 6.8 msf, respectively, are the largest parks in their respective Portfolio Markets.
Well located assets with significant scale.
Company’s Portfolio comprises five integrated business parks and five quality independent offices, totaling 29.5 msf of Total Leasable Area, comprising 23.0 msf of Completed Area, 2.8 msf of Under Construction Area and 3.6 msf of Future Development Area, as of March 31, 2020.
Diversified and Quality Tenant Base with Long-Standing Relationships.
As of March 31, 2020, company had 172 tenants, with a WALE of 5.8 years, the tenant base is well diversified with no single tenant contributing more than 7.7% of Gross Contracted Rentals, as of March 31, 2020.
In terms of Gross Contracted Rentals, as of March 31, 2020, approximately 84.9% is attributable to multinational corporations and approximately 39.4% is attributable to Fortune 500 companies.
The tenant base comprises a mix of multinational and Indian corporates, including affiliates of Accenture, Qualcomm, BA Continuum, JP Morgan, Amazon, Schlumberger, UBS, Capgemini, Facebook, Barclays and BNY Mellon, as of March 31, 2020.
Peer Group Company:
Financials of the Company:
|(in Crores)||FY 18||FY 19||FY 20|
|Issue Opens on||27th July 2020|
|Issue Closes on:.||29th July 2020|
|Issue Price||Rs.274 – 275|
|Market Cap||Rs.24000 cr|
|Listing at||NSE & BSE|
|Finalization of Basis of Allotment||On or Before 6th August 2020|
|Initiation of Refunds||On or Before 7th August 2020|
|Credit of Equity Shares:||On or Before 7th August 2020|
|Listing Date:||On or Before 12th August 2020|
Subscription Details: (Will be Updated)
|(Subscription-Category-Wise (no. of times) Till time : 06:00 PM)||Shares Offered||Day-1||Day-2||Day-3|
|Check IPO Allotment Status:|
Karvy Website (Click on the below Link)
|Company Contact Info:|
|Mindspace Business Parks REIT
Level 8, Block ‘G’, C-30
Bandra Kurla Complex
Mumbai – 400 051
Tel: +91 99877 79681, +91 22 2656 5748
|IPO Registrar Info:|
|KFin Technologies Private Limited (formerly known as,
Karvy Fintech Private Limited and KCPL Advisory
Services Private Limited)
Selenium Tower B
Plot 31 & 32, Gachibowli Financial District,
Nanakramguda, Serilingampally Hyderabad 500 032
Tel: +91 40 6716 2222
Investor grievance e-mail: email@example.com
Website: www. karvyfintech.com