Latest news with #MindspaceREIT
Economic Times
05-05-2025
- Business
- Economic Times
Princeton Digital Group leases over 1 million sq ft for data centre hub in Navi Mumbai
Princeton Digital Group (PDG) is developing its largest data centre campus in India, leasing over 1.06 million sq ft in Navi Mumbai's Airoli. The long-term lease, valued at Rs 3,745 crore, is part of a strategic partnership with Mindspace REIT. This expansion is part of PDG's $1 billion investment plan to reach 230 MW capacity in India. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Singapore-based global data centre operator Princeton Digital Group (PDG) has picked up over 1.06 million sq ft of commercial space in Navi Mumbai 's Airoli locality to develop its largest data centre campus in India through a long-term lease of over 20 company's total rental commitment across the three transactions is estimated at Rs 3,745 crore over the lease term, making it one of the most significant leasing deals in India's data centre deals, concluded across three separate lease agreements, form part of a strategic partnership between PDG and K Raheja Corp-backed listed Mindspace Business Parks REIT for a five-building data centre campus within the larger 50-acre Mindspace Airoli West are part of PDG's growth plan for India to expand capacity to a total of 230 MW in the country, driving an investment programme of $1 billion. This is part of PDG's new $5 billion investment programme for AI-ready data centres in the new deals, the first lease covers 252,000 sq ft across ground plus seven floors at Rs 2.48 crore per month. The second spans 315,000 sq ft across ground plus six floors with a monthly rent of Rs 3.10 crore, while the third and largest lease covers 491,000 sq ft at Rs 4.83 crore, according to documents accessed through realty data analytics platform Propstack.'These buildings will be developed in phases and rentals will commence upon delivery of each phase. Accordingly, the total rental payout will also be staggered,' said one of the persons aware of the three leases will collectively add over 1 million sq ft of built-to-suit space at Gigaplex Estate's Airoli Knowledge Park across 22 floors spanning three entire buildings designed to meet the high-density requirements of data centre email queries to PDG and Mindspace REIT remained unanswered until press REIT has already developed two data centres with nearly 0.63 million sq ft for PDG and the new deals will push the total hub size to nearly 1.7 million sq three leases are structured for a 4% annual escalation for the first 15 years, followed by 5% annual escalation from the 16th year onwards. A 10-month security deposit is applicable for each lease, amounting to Rs 24.8 crore, Rs 31 crore and Rs 48.3 crore, part of the agreement, Mindspace REIT will provide end-to-end development and turnkey services, including critical power infrastructure and sustainability-aligned solutions for these data centres. Once completed, the five-building data centre campus will span 15 Mumbai's Airoli micro-market has rapidly emerged as a preferred destination for data centre operators due to its proximity to undersea cable landing stations, stable and redundant power availability, renewable energy access and strong infrastructure region has already seen major data centre investments by Amazon Web Services and data localisation norms and a supportive policy framework from the Indian government, international players like PDG are increasingly anchoring large, multi-building campuses in India, placing the country firmly on the global data centre map. Ends
Hindustan Times
30-04-2025
- Business
- Hindustan Times
Mindspace Business Parks REIT reports 13% rise in Q4 net income to ₹540 crore; Appoints Ramesh Nair as MD and CEO
Mindspace Business Parks REIT on April 30 reported a 13% year-on-year increase in net operating income, reaching ₹540 crore for the quarter ended March. The company also declared a distribution of ₹392 crore for the same period. In a regulatory filing, the company announced that Ramesh Nair, currently serving as CEO, has been additionally appointed as Managing Director. His new designation, CEO and Managing Director, is effective immediately and will be held for a five-year term. The company's net operating income (NOI) rose 8.9% in 2024-25 to ₹2,061.6 crore from ₹1,895.9 crore in the preceding year. The distribution to unitholders stood at ₹1,312 crore for 2024-25, a growth of 15.5% on an annual basis. The company recorded gross leasing of 2.8 msf in Q4 FY25, taking cumulative leasing for FY25 to 7.6 msf. An entire building under re-development at Mindspace Madhapur, Hyderabad with leasable area of 1.5 msf pre-leased to a large MNC Global Captive Center, the company said. The company has received an Occupation Certificate for B4 Building at Gera Commerzone Kharadi, Pune, spread across 1 msf, entirely pre-leased to a large MNC Global Captive Center. It is actively working on an under construction pipeline of around 3.7 msf, the company said. As far as the company's acquisitions update is concerned, the company said that it had successfully completed its 1st ROFO transaction by acquiring a 100% equity shareholding in Sustain Properties Private Limited, which houses 1.8 msf at Commerzone Raidurg, Hyderabad. The company also concluded acquisition of around 0.26 msf in Mindspace Madhapur, Hyderabad, consolidating ownership in the Business Park, it said. In a leadership update, the company said that the Board of Directors of K Raheja Corp Investment Managers Pvt. Ltd., the Manager to Mindspace REIT, has recently appointed Akshaykumar Chudasama as an Additional Director in the capacity of Non-Executive Independent Director. He is the Managing Partner of Shardul Amarchand Mangaldas & Co. Ramesh Nair, CEO and MD, Mindspace REIT said, 'FY25 has been a record-breaking year for us, our best ever since listing. We achieved our highest-ever annual gross leasing of 7.6 msf and delivered a strong quarterly distribution of ₹392 crore, up ~39% YoY, the highest growth since listing. Net Operating Income for the quarter grew ~13% YoY to ₹540 crore, and committed occupancy rose to 93%2. With 3.6 msf already pre-leased, demand for top-quality office space remains robust across our portfolio.' He said that the company's 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 underpinned by the quality of our assets, trusted tenant relationships, and proactive leasing efforts. Moreover, our focus on strategic acquisitions, and steady development progress positions us well for a sustained long-term growth.' Mindspace Business Parks REIT, sponsored by K Raheja Corp group, owns office portfolios in Mumbai, Pune, Hyderabad, and Chennai. The portfolio has a total leasable area of 37.1 million square feet, comprising 30 million square feet of completed area, 3.7 million square feet of area under construction and 3.4 million square feet of future development.
