NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 650 crore (6.5 billion) from International Finance Corporation (IFC), the non-public sector arm of the World Financial institution Group, via Sustainability Linked Bond Issuance.

The coupon of the bond is linked to the corporate’s dedication to attain sure ESG targets in direction of constructing a greener eco-system.

Ramesh Nair, CEO of the corporate mentioned, “This follows our maiden inexperienced bond problem in March 2023. Publish this issuance our cumulative inexperienced/sustainability linked financing now stands at Rs 18.6 billion, strengthening our dedication to accountable development.”

These bonds are issued for a tenure of seven years. This issuance has been rated [ICRA] AAA(Steady) by ICRA. Shardul Amarchand Mangaldas & Co served because the authorized counsel of the Issuer for this transaction.

“This partnership aligns with India’s net-zero ambitions and demonstrates the viability of local weather finance in the actual property sector. Our assist goals to draw extra numerous and long-term funding at a time when non-public capital is vital to construct a greener, extra resilient future,” mentioned Wendy Werner, IFC Nation Head for India.

Mindspace REIT has undertaken sure ESG targets vital to its operations. These embody discount in GHG emissions (Scope 1, 2 and three), rising the share of inexperienced licensed space for current buildings (below operations and upkeep), and discount in power depth.

The coupon of those bonds is mounted in nature, and shall be stepped down, in a staggered method, foundation achievement of the set targets.

The corporate has put into place its maiden sustainability-linked financing framework below which Mindspace REIT and/or its SPVs can undertake issuances of sustainability linked devices.