For the quarter that ended in March 2025, Mindspace Business Parks REIT recorded a 13% increase in net operating income, which came to ₹540 crore. The business declared a quarterly dividend of ₹392 crore to unitholders in addition to the financial report. This performance is a result of its portfolio’s ongoing development, smart acquisitions, and leasing momentum. These numbers were revealed by the K Raheja Corp group-sponsored REIT in its April 30, 2025, regulatory filing.
The company announced that Ramesh Nair, who is now the Chief Executive Officer, has been named as Managing Director as well, marking a significant leadership advancement. His appointment as CEO and MD takes effect right away and will last for five years. Nair’s increased responsibilities indicate that the management’s operational and strategic goals will remain consistent. The REIT has made significant leases and acquisitions under his direction, which are advancing the company’s current growth trajectory.
Mindspace Business Parks REIT reported a net operating income of ₹2,061.6 crore for the full fiscal year 2024–2025, an 8.9% rise over the ₹1,895.9 crore reported the year before. For the year, the total amount distributed to unitholders was ₹1,312 crore, representing a 15.5% annual increase. These numbers demonstrate steady cash flows and steady income creation, both of which are essential to the REIT’s capacity to pay out quarterly dividends.
The overall leasing for the year was 7.6 million square feet (msf), with gross leasing for the fourth quarter of FY25 totaling 2.8 msf. Among these was a 1.5 msf facility at Mindspace Madhapur in Hyderabad that is undergoing renovations and has already been pre-leased to a multinational company’s global captive center. This suggests that even before construction is finished, occupiers are very interested in the company’s assets.
Additionally, the business obtained the Occupation Certificate for the B4 building located in Pune’s Gera Commerzone Kharadi. Another multinational global captive center has a complete pre-lease on the facility, which has a leasable size of 1 msf. Additionally, the REIT has a pipeline of around 3.7 million square feet under development, with many projects nearing completion. The business has been active in acquisitions in addition to its organic expansion. By purchasing 100% of Sustain Properties Private Limited and adding 1.8 msf of leasable space at Commerzone Raidurg in Hyderabad, it accomplished its maiden Right of maiden Offer (ROFO) deal. It has been able to increase the value of its portfolio by consolidating its stake in Mindspace Madhapur, Hyderabad, with another acquisition of around 0.26 msf.
Additionally, Akshaykumar Chudasama was appointed as an Additional Director in the role of Non-Executive Independent Director by Mindspace REIT. Chudasama is Shardul Amarchand Mangaldas & Co.’s managing partner. It is anticipated that his appointment to the Board would strengthen governance and provide the management team with legal knowledge. Since the company’s IPO, FY25 has been a record-breaking year, according to Ramesh Nair, who commented on the yearly performance. According to him, quarterly payouts increased by over 39% year over year, and the firm generated its highest-ever yearly gross leasing. The portfolio’s 93% committed occupancy rate, he continued, shows that there is ongoing tenant demand for high-quality office space.
The completion of pre-committed buildings, accretive acquisitions, and rise in market rentals were the main drivers of the company’s 10% increase in net asset value (NAV), Mr. Nair added. He reiterated that the REIT’s high asset quality, tenant relationships, and leasing initiatives all contribute to the robust demand across its portfolio.
The portfolio of Mindspace Business Parks REIT is 37.1 million square feet as of March 2025. This comprises 3.4 million square feet set aside for future development, 3.7 million square feet now under construction, and 30 million square feet of finished space. Its assets are spread across India’s four largest office markets: Chennai, Hyderabad, Pune, and Mumbai. The portfolio offers durability and long-term income visibility due to its diversification among tenants and sectors. Mindspace Business Parks REIT seems to be well-positioned for sustainable growth and consistent profits in the upcoming years because to its strong leasing, wise acquisitions, and targeted development.
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