Mindspace REIT Q4 NOI up 13% on record leasing

Mindspace Business Parks REIT reported a 13 per cent rise in its net operating income in the March quarter, recording its highest ever gross leasing of 2.8 million square feet with 17.4 per cent re-leasing spread on a good portion of the area re-let.

The net asset value of its portfolio rose 10 per cent to ₹431.7 per unit, while it announced distribution of ₹6.44 per unit, up 38.7 per cent on year, translating into a total payout of ₹392 crore.

It reported NOI of ₹540 crore while revenue rose 14 per cent to ₹678 crore.

For the full year gross leasing was at 7.6 msf, which the company said was a record. “FY25 has been a record-breaking year for us, our best ever since listing,” said CEO and MD Ramesh Nair.

“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,” he added.

Mindspace REIT, backed by builder K Raheja Corp, said it saw robust growth in rentals across its micro markets, especially Madhapur in Hyderabad. A building under redevelopment in that area with a leasable space of 1.5 msf has already been pre-leased to the Global Captive Centre of a MNC, it said.

In-place rents across its portfolio were at ₹71 per square feet per month while the mark-to-market spread on rentals rose to 13.4 per cent.

India has been one of the bright spots in the overall office segment, especially when compared to the Asia Pacific Region. In the March quarter leasing volumes in India’s top three office markets – Mumbai, Delhi-NCR, and Bengaluru – surged to over 18 million square feet, according to Knight Frank India.

Office-based REITs in India such as Mindspace REIT and others, have been beneficiaries of this demand, a large part of which has been driven by the rush to establish Global Capability Centres by global companies.

During the quarter Mindspace REIT acquired two properties in Hyderabad with a total area of over 2 msf.

Published on April 30, 2025