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.

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Mindspace REIT to develop 3 additional facilities totaling ~1 msf, taking the REIT’s Data Center portfolio to 5 buildings, and a total of 1.65 million sq. ft., upon completion

Bengaluru, September 25, 2024 – Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), has entered into a strategic partnership with Princeton Digital Group (‘PDG’), a global leader in data center operations, to develop PDG’s flagship and largest data center campus in India, at Mindspace Airoli West. Under this new agreement, Mindspace REIT will develop 3 additional state-of-the-art, built-to-suit data centers, adding a further 1 million sq. ft. to its portfolio. The REIT has already developed 2 data centers for PDG, measuring ~0.63 million sq. ft. Upon completion, the Business Park will feature 5 cutting edge data center buildings and the total data center footprint within the Mindspace REIT portfolio will stand at ~1.65 million sq. ft. This landmark development spanning ~15 acres, will become a part of the larger 50-acre campus ecosystem of Mindspace Airoli West.

Speaking on the deal, Mr. Ramesh Nair, CEO, Mindspace REIT said in a statement, “We are delighted to partner with PDG in their India expansion. This deal reinforces our commitment to diversifying our portfolio and tapping into high-growth sectors like data centers. For us, integrating data centers into our portfolio makes strategic sense as they offer stable and long-term revenue streams, future proofs our portfolio, and help diversify income sources.”

With a focus on sustainability, Mindspace REIT will provide PDG with a full range of turnkey services, including power infrastructure, tailored to meet sustainability goals. These efforts align with the REIT’s commitment to supporting digital transformation while maintaining environmental responsibility.

Navi Mumbai has become a leading hub for cloud infrastructure, driven by its strategic location near submarine cable landing stations, stable power supply with zero outage, availability of renewable energy, and robust infrastructure. The micro-market is also well-positioned to accommodate the growth of AI technologies, making it an ideal choice for AI-enabled data center campuses.

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Held within the Business Park campus, the job fair was thoughtfully designed with the recruitment needs of our tenants at its core.  The overwhelming response that we received prompted us to broaden the event’s reach by including Corporates and MNCs from all over the city. The event brought together over 40 companies from a variety of industries, including IT, Retail, Real Estate, hospitality and more. More than 400 job seekers participated, seizing the opportunity to connect with potential employers.

The event was graced by special guests, including Mr. Shrawan Kumar Gone, COO – AP and Telangana, K Raheja Corp, Mr. A Rajendar, Assistant Director, DEPwDs, SC&TGP, and Mr. Vijay Kumar from MCC Rangareddy, Telangana, under the NCS Project, Ministry of Labour & Employment. Their presence put the spotlight on the importance of equal workplace opportunities, diversity, and inclusivity, and lent strong support to the cause.

With plans to expand this initiative to Mumbai, Pune, and Chennai, Mindspace Business Parks REIT remains steadfast in its commitment to creating opportunities for all, enhancing tenant relations, and building a more inclusive work culture.

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Whether technological, financial, regulatory, or consumer-driven change, there have been many exciting developments in 2019 that promise a positive outlook for real estate. This article highlights 5 trends with the potential to drive disproportionate change in 2020 and beyond.

SEBI-regulated investments: Prior to RERA, pre-launch sales were an important source of early-stage capital for real estate developments. While convenient, these were unregulated opportunities with no standardization of structure or transparency. Today, there has been a marked shift toward regulated investments for the early, pre-approval phase of a project. These investments typically use an AIF structure and, in some cases, the PMS route. Exits, especially for rent-yielding properties, have started moving to the REIT structure.

Managed offices and homes: Worldwide, co-working and managed offices are the fastest growing parts of commercial real estate. These offices allow tenants to focus on their core business and leave facility management and services to a specialist operator. In India, the sector is set to achieve 10 million square feet in record time, with more than a 10% market share of total office leasing already. Similarly, the more nascent category of co-living, which provides managed homes, grew 100% in 2018 and has attracted a large number of players. We expect these sectors to continue to grow but weaker players will be winnowed in the Darwinian struggle for survival

Specialization: Every industry tends to reward either vertical integration or increased specialization when competition intensifies, and real estate is no different. Where once developers engaged in pretty much all types of real estate developments, higher specialization will be required in the future as competitive pressure makes it difficult to succeed as a jack of all trades. We can expect to see developers specializing in retail, logistics, senior-housing, student-housing, medical offices, and such other specialized sectors and these specialist players are likely to significantly grow their market share within these sectors at the expense of the generalist developers.

International scale projects: As capital-raising moves from informal HNI networks to institutional funding, the amount of capital that can be raised for a single project will continue to witness strong growth. This will allow deal sizes to increase, which means there are likely to be larger real estate developments, whether commercial, residential or retail. With large interstate migration to cities like Bangalore, Pune, Hyderabad and Delhi, India’s growing urban centers will benefit from these larger developments that will have the scale to provide world-class amenities such as sporting and entertainment facilities within the developments.

Technology-driven innovation: Like with so many industries, technology has had a positive impact on real estate. Digital marketplaces have revolutionized real estate investments and enabled investors to profit reliably, safely, and conveniently from the sort of exclusive property assets that used to be the domain of large institutional investors. Technology is also transforming construction, where the pressure to complete projects quickly is increasing demand for better construction methodologies, such as prefabricated construction technology.

Conclusion: This is a unique period for Indian real estate. It is being transformed in various ways, whether it be in financing, construction, specialization or scale. Developments, which used to be one-off projects, are being transformed into assets where continuing services are required. There are a host of new sectors like senior living, student housing, managed offices and logistics parks that are growing rapidly. New avenues are being created to profit from all this, such as AIFs and REITs. Technology platforms are greatly simplifying the process of finding the best investment opportunities, and regulations are creating a culture of transparency.

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