Mindspace REIT Launches Landmark INR 650 Crore Sustainability Linked Bond

Mindspace Business Parks REIT has announced a significant milestone with the launch of its INR 650 Crore Sustainability Linked Bond issuance, secured with the International Finance Corporation. The bond, designed for a tenure of seven years, underscores Mindspace's ESG commitments and aims to enhance sustainability in its office portfolio.

Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) has taken a significant step in its sustainability journey by launching an INR 650 Crore (6.5Bn) Sustainability Linked Bond issuance. This groundbreaking move, placed with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, aims to bolster sustainability efforts within the company's office portfolio.

The newly issued bonds come with a tenure of seven years. Rated [ICRA] AAA(Stable) by ICRA Ltd., these bonds are designed to support Mindspace's commitment to achieving specific Environmental, Social, and Governance (ESG) targets. The coupon rate is fixed but will decrease in a staggered manner as these targets are met.

Ramesh Nair, CEO, Mindspace Business Parks REIT, expressed their excitement over reaching this milestone, highlighting the bond's role in building sustainable ecosystems. Wendy Werner, IFC Country Head for India, noted that this issuance aligns with India's net-zero ambitions and showcases the potential of climate finance in the real estate sector.

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