Rating Rationale
September 07, 2022 | Mumbai

 Mindspace Business Parks REIT (Mindspace REIT)

Ratings Reaffirmed

 

Rating Action

Rs.500 Crore Long Term Principal Protected Market Linked Debentures

CRISIL PPMLD AAA r/Stable (Withdrawn)

Rs.375 Crore Long Term Principal Protected Market Linked Debentures

CRISIL PPMLD AAA r/Stable (Reaffirmed)

Rs.50 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Rs.450 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Rs.100 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Rs.175 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Rs.200 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Rs.300 Crore Non Convertible Debentures

CRISIL AAA/Stable (Reaffirmed)

Corporate Credit Rating

CCR AAA/Stable (Renewed and Reaffirmed)

Rs.250 Crore Commercial Paper

CRISIL A1+ (Reaffirmed)

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its rating on market-linked debentures (MLDs), NCDs and commercial paper at 'CRISIL PP-MLD AAAr/CRISIL AAA/Stable/CRISIL A1+'. The corporate credit rating has been renewed and reaffirmed at 'CCR AAA/Stable'. CRISIL Ratings has also withdrawn its 'CRISIL PP-MLD AAAr/Stable’ rating on Rs 500 Crore Long Term Principal Protected Market Linked Debentures at the company’s request and on receipt of requisite documents. The instruments have been fully redeemed. (See ‘Annexure - Details of Rating Withdrawn' for details). The action is in line with CRISIL Ratings’ policy on withdrawal of ratings.

 

Mindspace REIT is sponsored by the K Raheja Corp group. The REIT owns eight special purpose vehicles (asset SPVs) comprising 10 commercial offices, information technology (IT) parks and special economic zone (SEZ) assets, and houses the facility management division.

 

The ratings continue to reflect Mindspace REIT's comfortable net loan-to-value (LTV) ratio, characterized by low debt, strong debt protection metrics supported by a cap on incremental borrowings, and stable revenue profile of the assets, amidst benefits of healthy occupancy and geographic diversification. The strengths are partially offset by susceptibility to volatility in the real estate sector, causing fluctuations in rental rates and occupancy levels.

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of Mindspace REIT with those of its asset SPVs, in-line with its criteria for rating entities in homogeneous groups. This is because Mindspace REIT has direct control over the asset SPVs and will support them in the event of any exigency. Additionally, as per Securities and Exchange Board of India’s (SEBI’s) REIT Regulations, 2014, Mindspace REIT and its asset SPVs are mandated to distribute 90% of their net distributable cash flow. Also, the cap on borrowing by the REIT has been defined at a consolidated level (equivalent to 49% of the aggregate value of Mindspace REIT’s assets).

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

  • Comfortable LTV ratio, supporting the ability to refinance: Consolidated gross debt was low at Rs 4,727 crore as on June 30, 2022. Consequently, Mindspace REIT has a comfortable LTV ratio of 17.8% (on gross debt basis as per external valuation dated June 30, 2022). The low LTV ratio shields investors from the risk of any decline in property prices and its consequent impact on refinancing.

 

The proceeds from NCDs of Rs 275 crore were utilised primarily for refinancing external debt at underlying asset SPVs. These instruments are non-amortising with bullet repayment at the end of 36-38 months from deemed date of allotment, while the coupon is payable quarterly.

 

The MLDs of Rs 875 crore were also utilised primarily for refinancing external debt at underlying asset SPVs. These instruments are similar to the NCDs in terms of amortisation, and have a tenure of 577-1156 days from the date of allotment. The coupon is accruing and to be paid at the time of redemption of MLDs, subject to terms of and conditions mentioned in the transaction documents. MLDs of Rs 500 crores were redeemed in April 2022

 

The proceeds from NCDs of Rs 400 crores raised under Sundew Properties Ltd (Sundew; rated CRISIL AAA/Stable) were also utilised primarily for refinancing external debt at underlying asset SPVs. These instruments are non-amortising with bullet repayment at the end of 33 months from deemed date of allotment, while the coupon is payable quarterly.

 

The NCDs of Rs 500 crore raised in Feb-22 have been primarily utilised for refinancing of external debt at underlying SPVs. These are non-amortising with bullet repayment at the end of 3 years, while the coupon will be payable quarterly. 

 

The NCDs of Rs 500 crores raised in July 2022 are expected to be utilized primarily for refinancing of existing debt at underlying SPVs. These are non-amortising with bullet repayment at the end of 5 years, while the coupon will be payable quarterly. 

 

  • Strong debt protection metrics: CRISIL Ratings believes that Mindspace REIT will have healthy average consolidated interest service coverage ratio (ISCR) at over 2.0 times, including for all incremental financing in the underlying asset SPVs. This is because incremental debt, over and above the existing debt, to be raised over the next 3-5 years is expected to be around Rs 4,000 crore (includes expected refinancing). Consequently, LTV and debt-to-NOI/EBITDA (net operating income/earnings before interest, tax, depreciation and amortization) ratios should remain comfortable at below 40% and 5.0 times on a sustained basis, respectively, vis-à-vis 49% and 5.0 times, respectively, as per the terms of the existing as well as proposed instruments.

 

  • Stable revenue of asset SPVs: Mindspace REIT’s entire revenue comes from 10 commercial offices, IT parks and SEZs. Consolidated revenue was Rs 1,741 crore and Rs 1,629 crore for fiscal 2022 and fiscal 2021 respectively. The portfolio assets had committed occupancy of 85.6% as on June 30, 2022. Leasing activity has picked up with the REIT entering into new agreements to the tune of 45.0 lakh sq. ft during fiscal 2022 at a re-leasing spread of 31.0%; and leases for another 9-lakh sq. ft. were signed in Q1 FY23 at a re-leasing spread of 36.4%. Occupancy has already improved by 130 basis points in Q1 fiscal 2023 and gradual improvement is expected over the medium. Superior asset and service quality, favourable location in prime areas of Hyderabad, Mumbai Region, Pune and Chennai, good demand and competitive rental

 

Weaknesses: 

  • Susceptibility to volatility in the real estate sector: Rental collection remains susceptible to economic downturns, which may constrain the tenant’s business risk profile, and therefore, limit occupancy and rental rates. Top 10 tenants and technology sector concentration at 36.3% and 42.6% of gross contracted rentals, respectively, as on June 30, 2022, exposes the REIT to moderate concentration risk. Further, as on June 30, 2022, 11.4% of the total completed leasable area will be due for renewal between Q2 fiscal 2023 and fiscal 2025. While majority of the tenants are established corporates and may continue to occupy the property, any industry shock leading to vacancies may make it difficult to find alternate lessees within the stipulated time. This could adversely impact cash flow, and hence, will be a key rating sensitivity factor.

Liquidity: Superior

Liquidity remains strong, supported by healthy average consolidated ISCR of over 2.0 times, including for permitted additional financing. Further, a low LTV ratio enhances the REIT’s financial flexibility. Consolidated debt is unlikely to cause LTV ratio to exceed 40%, thus protecting investors from any decline in property prices and the consequent impact on refinancing.

Outlook: Stable

CRISIL Ratings  believes Mindspace REIT will continue to benefit from the quality of its underlying assets over the medium term.

Rating Sensitivity factors

Downward factors:

  • Higher-than-expected incremental borrowing or reduction in the value of underlying assets, leading to LTV ratio of over 40%
  • Reduction in overall committed occupancy to below 80%
  • Significant delay in the completion and leasing of under construction assets
  • Any other non-adherence to the structural features of the transaction

About the trust

Mindspace REIT is registered as an irrevocable trust under the Indian Trust Act, 1882, and as a REIT with SEBI’s REIT Regulations, 2014, as amended. Mindspace REIT’s portfolio assets are held through the following asset SPVs:

 

K Raheja IT Park (Hyderabad) Ltd (KRIT), Sundew Properties Ltd and Intime Properties Ltd (Intime) own and operate a SEZ/IT park, Mindspace, in Madhapur, Hyderabad. The property has been operational since 2005 and has a total completed area of approximately (approx.) 99 lakh sq. ft with committed occupancy 90.6% as on June 30, 2022, while an additional area of approx. 19 lakh sq. ft is expected to be developed over the medium term.

 

Avacado Properties and Trading (India) Pvt. Ltd (Avacado) owns and operates:

a)      An IT park, Mindspace, in Malad, Mumbai region. The property has been operational since 2004, and has a total leasable area of approx. 7 lakh sq. ft with committed occupancy of 93.6% as on June 30, 2022

b)      A commercial office, The Square, in Bandra Kurla Complex, Mumbai region, with a total leasable area of approx. 1 lakh sq. ft and committed occupancy of 100.0% as on June 30, 2022. The property was acquired by the group in August 2019, and is completely leased. 

 

Mindspace Business Parks Pvt. Ltd (MBPPL) owns and operates:

a)      An SEZ, Mindspace, in Airoli (East), Mumbai region. The property has been operational since 2007, and has a total completed leasable area of approx. 47 lakh sq. ft with committed occupancy of 88.3% as on June 30, 2022, while an additional area of approx. 21 lakh sq. ft is expected to be gradually developed over the medium-to-long term.

b)      An IT park, Commerzone, in Yerwada, Pune. The property has been operational since 2010, and has a total leasable area of approx. 17 lakh sq. ft with committed occupancy of 98.4% as on June 30, 2022

c)       An IT park/commercial office, The Square, in Nagar Road, Pune. The property has been operational since 2015, and has a total leasable area of approx. 7 lakh sq. ft with committed occupancy of 100.0% as on June 30, 2022, while an additional area of approx. 1 lakh sq. ft is expected to be gradually developed over the medium-to-long term

d)      An SEZ, Mindspace, in Pocharam, Hyderabad. The property has been operational since 2012 and has a total completed leasable area of approx. 4 lakh sq. ft with committed occupancy of 56.7% as on June 30, 2022, while an additional area of approx. 6 lakh sq. ft is expected to be gradually developed over the medium-to-long term

 

Gigaplex Estate Pvt. Ltd (Gigaplex) owns and operates an SEZ/IT park, Mindspace, in Airoli (West) (Mumbai region). The property has been operational since 2013, and has a total completed leasable area of approx. 39 lakh sq. ft with committed occupancy of 67.2% as on June 30, 2022, while an additional area of approx. 13 lakh sq. ft is under construction and expected to be completed in phases over the next two fiscals. 


KRC Infrastructure and Projects Pvt. Ltd (KRC Infra):

a)      Owns and operates an SEZ/IT park, Commerzone, in Kharadi, Pune. The property was completed in fiscal 2020, and has completed leasable area of approx. 15 lakh sq. ft with committed occupancy of 100.0% as on December 31, 2021. Another approx. 15 lakh sq. ft of area is under development or proposed to be developed over the medium term.

b)      The facility management arm, housed under this entity beginning October 1, 2020, provides services for each asset under the REIT. Services include housekeeping, management of equipment, facade cleaning, security expenses, repair and maintenance and maintenance of common areas, etc.

 

Horizonview Properties Pvt. Ltd (Horizonview) owns an IT park, Commerzone, in Porur, Chennai. The property was completed in June 2020, having completed leasable area of approx. 8 lakh sq. ft. with committed occupancy of 36.5% as on June 30, 2022

Key Financial Indicators

Particulars

Unit

2022

2021**

Revenue from operations

Rs crore

1,741

1,138

Profit after tax (PAT)

Rs crore

448

335

PAT margin

%

25.7

29.4

Adjusted gearing

Times

0.27

0.23

Interest coverage

Times

5.26

5.06

**Fiscal 2021 financials are not comparable with that of fiscal 2022 and pertain the 8-month period since August 1, 2020 post listing of REIT.

Any other information:

Key Financial Covenants for MLDs tranche I and II of Rs 500 crore and Rs 375 crore respectively, and NCDs tranche I, II and III of Rs 200 crore, Rs 75 crore and Rs 500 crore, respectively

At the REIT level:

  • Gross Total Debt / EBITDA or NOI < = 5.00x
  • Loan to Value (on net debt basis) <= 49%

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs crore) Complexity level Rating assigned with outlook
INE0CCU07058 Non-convertible debentures 01-Feb-22 6.35% 31-Dec-24 500 Simple CRISIL AAA/Stable
INE0CCU07033 Non-convertible debentures 18-Mar-21 6.69% 17-May-24 75 Simple CRISIL AAA/Stable
INE0CCU07025 Non-convertible debentures 17-Dec-20 6.45% 16-Dec-23 200 Simple CRISIL AAA/Stable
INE0CCU07041 Long-term principal protected market linked debentures 18-Mar-21 10-year G-Sec linked 17-May-24 375 Highly complex CRISIL PP-MLD AAAr/Stable
NA Commercial paper NA NA 7-365 days 250 Simple CRISIL A1+
INE0CCU07066 Non-convertible debentures 28-Jul-22 7.95% 27-Jul-27 450 Simple CRISIL AAA/Stable
INE0CCU07066 Non-convertible debentures 28-Jul-22 7.95% 27-Jul-27 50 Simple CRISIL AAA/Stable

Annexure – Details of Rating Withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size
(Rs.Crore)

Complexity Level

INE0CCU07017

Long-term principal protected market linked debentures

29-Sep-20

10-year G-Sec linked

29-Apr-22

500.0

Highly complex

 

Annexure – List of entities consolidated

Entity consolidated

Extent of consolidation

Rationale for consolidation

KRIT

Full

89% subsidiary

Sundew

Full

89% subsidiary

Intime

Full

89% subsidiary

Avacado

Full

100% subsidiary

MBPPL

Full

100% subsidiary

Gigaplex

Full

100% subsidiary

KRC Infra

Full

100% subsidiary

Horizonview

Full

100% subsidiary

 

Annexure - Rating History for last 3 Years
  Current 2022 (History) 2021  2020  2019  Start of 2019
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Corporate Credit Rating LT 0.0 CCR AAA/Stable 27-05-22 CCR AAA/Stable 20-12-21 CCR AAA/Stable 11-12-20 CCR AAA/Stable   -- --
      -- 17-05-22 CCR AAA/Stable 14-07-21 CCR AAA/Stable 09-10-20 CCR AAA/Stable   -- --
      --   -- 09-03-21 CCR AAA/Stable 22-09-20 CCR AAA/Stable   -- --
      --   --   -- 18-08-20 CCR AAA/Stable   -- --
      --   --   -- 26-06-20 Provisional CCR AAA/Stable   -- --
Commercial Paper ST 250.0 CRISIL A1+ 27-05-22 CRISIL A1+ 20-12-21 CRISIL A1+ 11-12-20 CRISIL A1+   -- --
      -- 17-05-22 CRISIL A1+ 14-07-21 CRISIL A1+ 09-10-20 CRISIL A1+   -- --
      --   -- 09-03-21 CRISIL A1+ 22-09-20 CRISIL A1+   -- --
Non Convertible Debentures LT 1275.0 CRISIL AAA/Stable 27-05-22 CRISIL AAA/Stable 20-12-21 CRISIL AAA/Stable 11-12-20 CRISIL AAA/Stable,Provisional CRISIL AAA/Stable   -- --
      -- 17-05-22 CRISIL AAA/Stable 14-07-21 CRISIL AAA/Stable 09-10-20 Provisional CRISIL AAA/Stable   -- --
      --   -- 09-03-21 CRISIL AAA/Stable 22-09-20 Provisional CRISIL AAA/Stable   -- --
Long Term Principal Protected Market Linked Debentures LT 375.0 CRISIL PPMLD AAA r /Stable 27-05-22 CRISIL PPMLD AAA r /Stable 20-12-21 CRISIL PPMLD AAA r /Stable 11-12-20 CRISIL PPMLD AAA r /Stable   -- --
      -- 17-05-22 CRISIL PPMLD AAA r /Stable 14-07-21 CRISIL PPMLD AAA r /Stable 09-10-20 CRISIL PPMLD AAA r /Stable   -- --
      --   -- 09-03-21 CRISIL PPMLD AAA r /Stable 22-09-20 Provisional CRISIL PPMLD AAA r /Stable   -- --
All amounts are in Rs.Cr.

                                    

Criteria Details
Links to related criteria
CRISILs rating criteria for REITs and InVITs
CRISILs criteria for rating debt backed by lease rentals of commercial real estate properties
Criteria for rating entities belonging to homogenous groups
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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