Mindspace Business Parks Shares in Focus: Block Deal of 9.2% Stake

On Tuesday, December 17, 5.4 crore shares, or 9.2% of Mindspace Business Parks REIT’s equity, were traded through a block deal window.

As per reports, the Abu Dhabi Investment Authority (ADIA), the world’s 2nd-largest sovereign wealth fund, is set to divest a 9.2% stake in Mindspace Business Parks REIT through this block deal, valued at ₹1,903 crore. The floor price for the transaction was set at ₹350 per unit, indicating a clean-out trade.

Mindspace Latest Financial Performance

Mindspace Business Parks REIT reported a 5% growth in its net operating income (NOI) to ₹503.7 crore for the second quarter of the fiscal year. The company also announced a distribution of ₹305.4 crore for the July-September period, compared to ₹491.2 crore in NOI during the same period last year.

Ramesh Nair, CEO of K Raheja Corp Investment Managers Pvt Ltd, the manager for Mindspace REIT, stated, “Our performance in the second quarter reflects both the strength of our business and the broader momentum in the commercial real estate sector.”

Mindspace REIT’s Portfolio and Listing

Mindspace Business Parks REIT, which is sponsored by the K Raheja Corp group, was listed on the Indian stock exchanges in August 2020. The REIT owns office portfolios in key markets such as Mumbai, Pune, Hyderabad, and Chennai, consisting of five integrated business parks and five independent office assets, all with superior infrastructure and amenities.

On Tuesday, December 17, Mindspace Business Parks REIT shares were trading 1.17% lower at ₹359.67 per share at 10:01 AM.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.