Mindspace Business Parks REIT Delivers Impressive Q1 FY25 Results
Mindspace REIT reports strong Q1 FY25 results, with committed occupancy of 91.1% and NOI growth of 9.2%
Mindspace ReitGrade A OfficeIndiaReal EstateCommercial PropertyReal Estate MumbaiJul 30, 2024
Speaking on the results, Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT, said, 'We've had yet another great quarter, renting out over 1 million square feet and achieving a remarkable committed occupancy of 91.1%. Our NOI grew by a robust 9.2% driven by our rising rents and growing occupancy. This healthy leasing, especially at our Navi Mumbai Parks post the SEZ policy reform, has encouraged us to prepone the future development at our Airoli East Park.'
The highlights of the quarter include a committed occupancy of 91.1%, gross leasing of 1.1 million square feet, and a re-leasing spread of 23.9% for Q1 FY25 on 1 million square feet of area re-let. The company has also reported a steady growth in rentals across all its parks, with an in-place rent of INR 70 per square foot per month.
Mindspace REIT has a strong development pipeline, with 4.4 million square feet of under-construction projects, including 1.3 million square feet planned to be completed in FY25. The company has also received approval for demarcation of additional 500,000 square feet of SEZ space in Airoli West.
The company's balance sheet remains strong, with a low Loan-to-Value (LTV) of approximately 21.9%. Mindspace REIT has raised INR 1,500 crores at an effective rate of 7.80% p.a. and has an average cost of borrowing of 7.9%. The company has also become the first Indian REIT to issue Sustainability Linked Bonds for INR 650 crores subscribed by IFC, a World Bank member.
Mindspace REIT has declared a distribution of INR 299 crores or INR 5.04 per unit for Q1 FY25, representing a year-over-year growth of 5%. The record date for the distribution is August 02, 2024, and the payment shall be processed on or before August 08, 2024. Since listing in August 2020, the company has made a cumulative distribution of approximately INR 4,231 crores or approximately INR 71.3 per unit.
Mindspace Business Parks REIT is a leading owner and developer of quality Grade A office portfolio in India, with a presence in four key office markets.
Frequently Asked Questions
What is the committed occupancy of Mindspace REIT in Q1 FY25?
The committed occupancy of Mindspace REIT in Q1 FY25 is 91.1%
What is the growth rate of NOI for Mindspace REIT in Q1 FY25?
The NOI growth rate for Mindspace REIT in Q1 FY25 is 9.2%
What is the in-place rent of Mindspace REIT's parks?
The in-place rent of Mindspace REIT's parks is INR 70 per square foot per month
What is the size of Mindspace REIT's under-construction pipeline?
The size of Mindspace REIT's under-construction pipeline is 4.4 million square feet
What is the cumulative distribution made by Mindspace REIT since listing?
The cumulative distribution made by Mindspace REIT since listing is approximately INR 4,231 crores or approximately INR 71.3 per unit
Related News Articles
Mismanagement Allegations Rock Palm Udyan Park in Yerwada, Pune
Palm Udyan Park in Yerwada, Pune, is at the center of a mismanagement controversy. The park, a popular spot for locals, has been plagued by allegations of neglect and mismanagement.
AI and Robotics Companies Drive Office Space Absorption in Bangalore
Pune reported the highest quarterly growth, around 307% in value terms, whereas absorption declined by 48% in Chennai during Q2 2024.
Pune: The Emerging Hub for Real Estate Investors
Pune, one of India's fastest-growing cities, has become a hotspot for real estate investors. With its robust infrastructure, vibrant economy, and burgeoning tech industry, Pune offers lucrative opportunities for those looking to invest in property.
Mumbai Sees 16% YoY Rise in Property Registrations, Boosted by Economic Growth
Mumbai city witnessed significant growth in July 2024, with 12,160 property registrations contributing over INR 1,055 cr to the state exchequer.
ED Seizes Rs 31 Crore and Luxury Cars in Raids on NCR Real Estate Companies
The Enforcement Directorate (ED) has conducted raids on two NCR-based real estate companies, seizing bank deposits worth over Rs 31 crore and luxury cars. The companies are accused of defrauding homebuyers to the tune of Rs 500 crore.
Embassy Group Launches India’s First Integrated GCC Platform – EMBARK
Embassy Group, a leading real estate developer in India, has launched EMBARK, the nation’s first integrated platform designed to connect Indian businesses with the Gulf Cooperation Council (GCC) countries. This move is expected to revolutionize the real estate and business landscape.