Pre-leased entire 1.5 msf at one of the buildings under re-development at Mindspace Madhapur

Portfolio Committed Occupancy up c.1.5% QoQ to c.93.0%2

Q4FY25 NOI Grows by c.13% YoY to c.INR 540 Cr

Robust Distribution Growth for the quarter at c.39% YoY

Net Asset Value of the Portfolio up c.10% to INR 431.7 per unit

Bengaluru, April 30, 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, reports results for the quarter and financial year ended March 31, 2025.

Speaking on the results, Mr. 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 INR 392 Cr, up ~39% YoY, the highest growth since listing. Net Operating Income for the quarter grew ~13% YoY to INR 540 Cr, 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. 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 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.”

• Recorded gross leasing of c.2.8 msf1 in Q4 FY25, taking cumulative leasing for FY25 to c.7.61 msf.
• An entire building under re-development at Mindspace Madhapur, Hyderabad with leasable area of c.1.5 msf pre-leased to a large MNC Global Captive Center.
• Re-leasing spread of:

– c.17.4% for Q4 FY25 on c.1.1 msf of area re-let.

– c.22.8% for FY25 on c.3.6 msf of area re-let.

• Robust growth in rentals across our micro markets, especially Madhapur, Hyderabad.

– In-place rent stands at to c.INR 71 per sq. ft. per month.

– Mark to Market (MTM) spread on rentals increased to c.13.4%.

• Received Occupation Certificate for B4 Building at Gera Commerzone Kharadi, Pune, spread across c.1 msf, entirely pre-leased to a large MNC Global Captive Center.
• Actively working on under construction pipeline of c.3.7 msf.

• Successfully completed our 1st ROFO transaction by acquiring a 100% equity shareholding in Sustain Properties Private Limited, which houses c.1.8 msf at Commerzone Raidurg, Hyderabad.
• Concluded acquisition of c.0.26 msf in Mindspace Madhapur, Hyderabad, consolidating ownership in the Business Park.

• Clocked healthy Net Operating Income (NOI) growth of:

– c.13.2% YoY in Q4 FY25 to c.INR 540 Cr.

– c.8.9%1 YoY in FY25 to c.INR 2,062 Cr.

• Gross Asset Value of the portfolio stands at c.INR 36,647 Cr as of March 31, 2025; up c.16.9% over September 30, 2024 valuation.
• Net Asset Value grew a healthy c.10% from INR 392.6 per unit on September 30, 2024 to INR 431.7 per unit on March 31, 2025.
• Low Loan-to-Value (LTV) of approximately c.24.3%2 demonstrating good balance sheet strength.
• Average cost of borrowing at the end of quarter stood at c.8.15%.

• Declared distribution of c.INR 392 Cr for Q4 FY25; YoY growth of c.38.7%. DPU stood at 6.44 per unit
• Distribution for FY25 stood at c.INR 1,312 Cr, growth of c.15.5% on YoY basis. DPU stood at 21.95 per unit
• Record date for the distribution is May 06, 2025.
• Payment of the distribution shall be processed on or before May 09, 2025.

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Fully leased asset, enhancing Occupancy and long-term Stability of the Portfolio

c.100% Leased to a Marquee Fortune 500 GCC

Acquisition at a c.7.5% discount to average of 2 Independent Valuations

Bengaluru, January 29, 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces acquisition of 100% equity shareholding in Sustain Properties Private Limited (“Sustain”), holding c.1.82 msf at Commerzone Raidurg, a Grade-A commercial asset located in Hyderabad’s Madhapur micro-market. This acquisition is pursuant to the Right of First Offer (ROFO) agreement entered by Mindspace REIT with the Sponsors. This acquisition aligns well with the growth strategy of Mindspace REIT, enhancing portfolio scale, income stability, and unitholder returns.

Speaking on the acquisition, Mr. Ramesh Nair, CEO of Mindspace REIT, said, “The acquisition of Commerzone Raidurg is a key milestone in Mindspace REIT’s commitment to delivering value and growth for unitholders. Located in Hyderabad’s prime central business district, this Grade-A+, fully leased asset enhances our portfolio, boosts income stability, and aligns with our growth strategy. With a marquee tenant and mark to market potential, it reinforces our position as a leader in India’s commercial real estate sector and reflects our focus on strategic investments in high-quality, income-generating assets. This acquisition strengthens our presence in a dynamic market and supports long-term financial stability.”

Transaction Highlights:

Portfolio Enhancement:

• Strengthens Mindspace REIT’s presence in Hyderabad, taking portfolio size to c.15 msf ⁽¹⁾
• WALE of c.12 years, offering long term stable income
• Rentals at INR 69 ⁽²⁾ psf per month, indicating significant mark-to-market (MTM) potential

Financial Highlights:

• Acquisition price of INR 2,038 Crore, a 7.5% discount to the average of two independent valuations
• Purchase consideration of c.INR 613 Crore
• Addition of c.INR 167 Crore⁽²⁾ to FY25 NOI on a proforma basis; implying a growth of c.8.2% ⁽³⁾

Post-Acquisition Portfolio Metrics:

• Portfolio size to grow from c.34.8 msf to c.36.6 msf
• Committed occupancy to increase from 91.5% to 92%
• Gross Asset Value (GAV) to increase to c.INR 33,550 Crore
• Loan-to-Value (LTV) ratio to increase to 25.3%, headroom available for growth

The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to c.INR 613 Crore, subject to unitholders and other regulatory approvals, as may be required.

The post Mindspace REIT Announces Acquisition of c.1.82 msf ‘Commerzone Raidurg’, a Grade-A Commercial Asset in Hyderabad appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.