Mindspace (IFC-47266)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mumbai, Hyderabad, Pune and Chennai
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 20, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Mindspace Business Parks REIT
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 143.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 14, 2024

Disclosed by Bank Jun 25, 2024

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Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment is a senior secured sustainability-linked loan of up to INR 12,000 million (US$150 million equivalent) through subscription to non-convertible listed debt securities/ debentures to be issued by Mindspace Business Parks REIT (Mindspace or the MREIT).MREIT is a AAA (local rating) rated Real Estate Investment Trust (REIT) and is one of India’s largest Grade A office portfolios spanning 26.3 million square feet (msf) of (completed) leasable area across 5 integrated business parks and 5 independent office buildings. It has a presence across the key business districts of Mumbai, Hyderabad, Pune and Chennai. K Raheja Corp Investment Managers Pvt. Ltd. has been appointed as the Manager to Mindspace REIT.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Environmental and Social Sustainability Policy, 2012, as it is expected to have limited potential adverse E&S risks and impacts that are few, generally site-specific, largely reversible, and can be readily addressed through mitigation measures.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A senior secured sustainability-linked loan of up to INR 12,000 million (US$150 million equivalent) through subscription to non-convertible listed debt securities/ debentures to be issued by Mindspace Business Parks REIT.

IFC's Investment as Approved by the Board: Loan 143.80 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Mindspace Business Parks REIT is sponsored by Anbee Constructions LLP and Cape Trading LLP which are part of K Raheja Corp Group (KRC).

KRC is one of the largest real estate developers in India. KRC is a leading player across commercial and residential real estate, retail destinations (through Shoppers Stop), malls (through Inorbit malls), and hospitality (through Chalet Hotels).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - K Raheja Corp Group (KRC) Investor -
- - - - Mindspace Business Parks REIT Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Mindspace Business Parks REIT
Mr. Bharat Sanghavi
Compliance Officer
+91-22-28564000
bondcompliance@mindspacereit.com
Raheja Tower, Level 8, Block ‘G’, C-30, Bandra Kurla Complex Bandra (East) Mumbai 400051
https://www.mindspacereit.com/home

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works