Mindspace Business Parks REIT Pre-IPO
Mindspace Business Park REIT (MBP) aims to raise around US$500m via a mix of selling primary and secondary shares in its Indian IPO.MBP will own one of the largest Grade-A office portfolios in India with a total leasable area of 29.5 msf. MBP’s portfolio contained five integrated business parks and five independent offices across four cities, Mumbai, Hyderabad, Pune and Chennai.
The portfolio has shown decent growth in the past and has multiple levers to help it to continue growing, like increased completions, rental reversions and acquisitions.
In my earlier note, Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal, I spoke about the company background and some of its assets.
In this note, I’ll talk about the updates from the recently filed addendum to the draft offer document.
Embassy Office Parks REIT. Embassy Office Parks REIT is an India-based company that owns office portfolio. The Company focuses primarily on real estate projects in the commercial segment of the real estate industry. The Company's portfolio comprises seven office parks and four office buildings totaling 32.7 msf as of December 31, 2018, with amenities, including two completed and two under-construction hotels totaling 1,096 keys, food courts, employee transportation and childcare facilities. The Company's portfolio includes Embassy Manyata, Embassy One, Express Towers, Embassy 247, Embassy Techzone, Embassy Quadron, Embassy Qubix, Embassy Oxygen, Embassy Galaxy and Embassy Golflinks. Its amenities include Four Seasons at Embassy One, Hilton at Embassy Golflinks, Hilton at Embassy Manyata, Hilton Garden Inn at Embassy Manyata and Embassy Energy. The Company operates in two segments: Commercial offices and other. Other segments comprise Hotels and Generation of Renewable Energy.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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