Mindspace Business Parks REIT has leased over 1.7 million sq ft of office space across its portfolio in the June quarter to global and domestic companies for setting up Global Capability Centers (GCCs) and data centers in Mumbai, Hyderabad, Pune, and Chennai.
The Real Estate Investment Trust (REIT) also concluded the acquisition of a prime 810,000 sq ft office campus spread over 6 acres in Hyderabad’s Financial District for more than Rs 512 crore. This marks its first-ever third-party acquisition outside its existing portfolio parks.
The newly acquired asset, Q-City, located opposite the U.S. Consulate, takes Mindspace REIT’s Hyderabad portfolio to over 16 million sq ft.
Alongside this strategic expansion, the REIT reported 24% on-year growth in net operating income (NOI) at Rs 616 crore, while revenue from operations stood at Rs 752 crore, up 21.4%. The portfolio’s committed occupancy increased to 93.7%, supported by robust leasing and re-leasing spreads of around 29.5% across 1.4 million sq ft.
Distribution for the quarter touched Rs 353 crore, reflecting an 18% rise from the year-ago period. Distribution per unit (DPU) stood at Rs 5.79, up 14.9% year-on-year. The record date for the distribution is August 7, with payouts scheduled by August 14.
“We remain confident in the long-term prospects of our portfolio, supported by the strength of our high-quality assets, enduring tenant relationships, and proactive leasing strategy. Additionally, our strategy to grow the portfolio through value accretive acquisitions and organic development positions us for sustained growth over the long term,” said Ramesh Nair, CEO & MD of Mindspace REIT.
The REIT is also actively developing a 3.7 million sq ft pipeline. It has raised Rs 800 crore through commercial papers and additional Rs 600 crore through 5-year non-convertible debentures (NCDs), bringing its cost of debt down by 29 basis points sequentially to 7.84%. The REIT maintains a loan-to-value (LTV) of around 25%.
In a key development, US REIT veteran Sandeep Mathrani has joined as an independent director, adding global experience and reinforcing the platform’s governance standards, the REIT said. With this, the REIT’s board now comprises six independent directors out of ten and an Independent Chairman.
The Real Estate Investment Trust (REIT) also concluded the acquisition of a prime 810,000 sq ft office campus spread over 6 acres in Hyderabad’s Financial District for more than Rs 512 crore. This marks its first-ever third-party acquisition outside its existing portfolio parks.
The newly acquired asset, Q-City, located opposite the U.S. Consulate, takes Mindspace REIT’s Hyderabad portfolio to over 16 million sq ft.
Alongside this strategic expansion, the REIT reported 24% on-year growth in net operating income (NOI) at Rs 616 crore, while revenue from operations stood at Rs 752 crore, up 21.4%. The portfolio’s committed occupancy increased to 93.7%, supported by robust leasing and re-leasing spreads of around 29.5% across 1.4 million sq ft.
Distribution for the quarter touched Rs 353 crore, reflecting an 18% rise from the year-ago period. Distribution per unit (DPU) stood at Rs 5.79, up 14.9% year-on-year. The record date for the distribution is August 7, with payouts scheduled by August 14.
“We remain confident in the long-term prospects of our portfolio, supported by the strength of our high-quality assets, enduring tenant relationships, and proactive leasing strategy. Additionally, our strategy to grow the portfolio through value accretive acquisitions and organic development positions us for sustained growth over the long term,” said Ramesh Nair, CEO & MD of Mindspace REIT.
The REIT is also actively developing a 3.7 million sq ft pipeline. It has raised Rs 800 crore through commercial papers and additional Rs 600 crore through 5-year non-convertible debentures (NCDs), bringing its cost of debt down by 29 basis points sequentially to 7.84%. The REIT maintains a loan-to-value (LTV) of around 25%.
In a key development, US REIT veteran Sandeep Mathrani has joined as an independent director, adding global experience and reinforcing the platform’s governance standards, the REIT said. With this, the REIT’s board now comprises six independent directors out of ten and an Independent Chairman.
