Five years since listing, Mindspace REIT looks to cash in on leasing growth, new developments
Five years since listing, Mindspace REIT looks to cash in on leasing growth, new developments

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Five years since listing, Mindspace REIT looks to cash in on leasing growth, new developments

Mindspace Business Parks REIT, the second real estate investment trust to list in India after Embassy Office Parks REIT, hit the public markets at a time when people were largely working from home during the COVID-19 pandemic.

The K Raheja Corp-backed trust listed in August 2020, when pan-India office leasing hit its lowest level in recent years to around 27 million square feet (msf), and even its listing ceremony was low-key and virtual.

The K Raheja Corp-backed trust listed in August 2020, when pan-India office leasing hit its lowest level in recent years to around 27 million square feet (msf), and even its listing ceremony was low-key and virtual.

A little more than five years on, prospects have changed dramatically. Gross office leasing is expected to hit a new high of more than 90 msf, and more REITs have hit the market, including Knowledge Realty Trust, the largest in India, sponsored by Blackstone and Sattva. Blackstone was an investor in Mindspace REIT as well, till they sold their stake to the Abu Dhabi Investment Authority.

Mindspace REIT's own fortunes have also improved, with marquee domestic and overseas investors onboarded, and its net asset value has reached to around Rs 43,400 crore. Its net operating income has grown incrementally, from Rs 1,374 crore in FY21, to Rs 2,062 crore in FY25, and has distributed more than Rs 5,500 crore to investors since listing, placing its annualised returns at around 14.8 percent.

Like others in the commercial real estate market, Mindspace REIT has been a major beneficiary of the wave of global capability centres (GCCs) — set up by multinational firms for strategic functions. Across its developments in Hyderabad, Mumbai, and Pune, the REIT is host to a number of major manufacturing and technology players, said Ramesh Nair, managing director and CEO of Mindspace REIT, in an interaction with Moneycontrol, at an event marking five years since the REIT listed on public markets.

Source: Moneycontrol

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