Mindspace Business Parks REIT, an operator of office complexes, will raise Rs.4500 crore via an IPO. The REIT, backed by Blackstone, will use the proceeds to repay part of its debt. K Raheja Corp is one of the investors in the REIT. Mindspace will be the second REIT to sell shares in IPO after Embassy REITs, which has performed well since its listing.

Mindspace has a diverse portfolio of property assets in major urban clusters and it is estimated that the expected yield could be in the range of 7% to 7.5%. The overall portfolio consists of 23 million SFT of completed area and 2.8 million SFT of area under construction, largely spread across the cities of Mumbai, Hyderabad, Pune and Chennai.