30-04-2025
Mindspace Business Parks REIT leases 2.8 million sq ft in March quarter
Mindspace Business Parks REIT achieved record leasing, with 2.8 million sq ft leased in the last quarter and 7.61 million sq ft for the year. Net Operating Income rose by 13.2% to Rs 540 crore for the quarter. The company declared a distribution of Rs 392 crore for the quarter, driven by strong demand and rental growth, particularly in Hyderabad.
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K Raheja Corp-backed Mindspace Business Parks REIT has recorded the highest ever quarterly gross leasing of 2.8 million sq ft during the quarter ended March, taking cumulative leasing for the financial year 2024-25 to 7.61 million sq REIT has pre-leased an entire building under redevelopment at Mindspace Madhapur in Hyderabad with leasable area of 1.5 million sq ft to a large multinational company's Global Captive Center (GCC).The REIT has reported 13.2% on-year rise in Net Operating Income (NOI) during the quarter to Rs 540 crore, taking its 2024-25 NOI to Rs 2,062 crore. Revenue from operations for the quarter rose 14% to Rs 678 company has declared distribution of Rs 392 crore for the quarter ended March, taking the full year distribution to Rs 1,312 crore. Record date for the distribution is set as May 06.'With 3.6 million sq ft already pre-leased, demand for top-quality office space remains robust across our portfolio. Our NAV has grown by 10% driven by rising rentals across our micro markets, accretion from acquisitions and completion of pre-committed buildings. We remain optimistic about the long-term outlook for our portfolio,' said Ramesh Nair , CEO and MD, Mindspace REIT has witnessed robust growth in rentals across micro markets, especially Hyderabad's Madhapur. While in-place rent stood at Rs 71 per sq ft per month, Mark to Market (MTM) spread on rentals increased to around 13.4%, the REIT said in its earnings company has received Occupation Certificate (OC) for one of its buildings at Gera Commerzone Kharadi, Pune. This building is spread across 1 million sq ft, and is also entirely pre-leased to a large MNC's REIT is actively working on an under construction pipeline of around 3.7 million sq has completed the first right of first offer (ROFO) transaction by acquiring a 100% equity shareholding in Sustain Properties that houses 1.8 million sq ft at Commerzone Raidurg, Hyderabad. The company has also concluded acquisition of 0.26 million sq ft in Mindspace Madhapur, Hyderabad, consolidating ownership in the business park.
