The issuance has been fully subscribed by one of India's leading life insurance companies, the Reit said on Wednesday. The issuance carries a fixed coupon of 7.63 per cent per annum – payable quarterly, and holds AAA/Stable ratings from credit rating agencies Crisil and Icra.
Proceeds from the issuance will be deployed towards refinancing the Reit’s existing borrowings. Mindspace’s net debt stood at ₹11,572.9 crore as of March 2026. Its net debt to market value stood at 24.3 per cent. With presence across four Indian cities, Mindspace’s gross asset value (GAV) was ₹47,600 crore.
So far, including this transaction, Mindspace Reit, including its special purpose vehicles (SPVs), has cumulatively raised approximately ₹16,400 crore through capital market instruments, including NCDs, Commercial Papers (CPs), Green Bond, and Sustainability Linked Bonds (SLBs). Mindspace REIT's debt investor base spans across mutual funds, insurance companies, pension funds, etc.
Ramesh Nair, chief executive officer and managing director, Mindspace Reit, said, "We manage a Reit where income is stable, long-term, and predictable, and our borrowing strategy reflects the same discipline. We are happy to have one of India's leading life insurance companies commit capital to us for 10 years, signalling the trust and interest in our papers. We are committed to long-term value creation through strong operating performance, judicious capital allocation and cost optimisation strategies.”
According to the Reit, this debt capital raise is consistent with its plan to lock fixed rates for longer durations and ensures predictability of debt servicing costs, protection against interest rate volatility due to macroeconomic factors, and expansion of investor base. Mindspace Reit has established a consistent track record of accessing long-term institutional capital, the Reit noted.
Preeti Chheda, chief financial officer, Mindspace Reit, said, "This 10-year fixed-coupon NCD is consistent with our strategy to shift a larger share of borrowings to fixed interest instruments and lock in longer tenures to ensure greater cash flow stability. Mindspace Reit’s strong and consistent credit track record has enabled access to capital at competitive interest rates, despite the macroeconomic headwinds, supporting higher net distributable cashflows.”
 "real estate")