Mindspace Business Parks raises $66.7 million via debut green bond

Mindspace Business Parks’ real estate investment trust (REIT) has raised Rs 5.5 billion ($66.7 million) through a debut green bond issue. The company offered green bonds maturing in three years and one month marking the first such offering by any REIT in India. Mindspace Business Parks’ REIT will pay a coupon of 8.02 per cent on a quarterly basis. Star Health and Allied Insurance Co was an anchor investor to the issue and subscribed 30 per cent or Rs 1.65 billion of the total amount. The proceeds from the issue will be used to provide loans to the special purpose vehicles of the REIT for refinancing existing loans as well as for construction and development of relevant green projects.