Mindspace Business Parks REIT has secured a Rs 650 crore sustainability-linked bond from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, the company announced said.

The coupon of the 7-year bond is linked to Mindspace’s commitment to achieve certain ESG targets towards building a greener eco-system.

“We are thrilled to announce another significant milestone in our sustainability journey as we become the first Indian REIT to issue sustainability-linked bonds. International Finance Corporation fully subscribed to this issuance. This follows our maiden green bond issue in March 2023. Post this issuance our cumulative green/sustainability-linked financing now stands at Rs 1,860 crore, strengthening our commitment to responsible growth,” Ramesh Nair, CEO, Mindspace Business Parks REIT, said.

It must be noted that the company has aligned its ESG strategy to 10 out of the 17 UN Sustainable Development Goals (SDGs).

Some of the ESG targets include reduction of greenhouse gas (GHG) emissions, increasing the share of green certified area for existing buildings (under operations and maintenance), and reduction in energy intensity.