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Mindspace REIT leases over 1.7 million sq ft in Q3, makes offer for 1.8-mln-sq-ft IT park

K Raheja Corp-backed Mindspace Business Parks REIT has leased over 1.7 million sq ft office space during the quarter ended December led by robust demand from multinational companies for setting up Global Capability Centers (GCCs).

The Real Estate Investment Trust (REIT) has pre-leased an asset spread over around 1 million sq ft at Gera Commerzone Kharadi in Pune, to a large global company to set up its GCC facility, before its completion.

Mindspace Business Parks REIT has also made an offer to acquire 100% equity shareholding in Sustain Properties, which houses an information technology park spread over around 1.8 million sq ft at Commerzone Raidurg in Hyderabad.

The REIT held a Right of First Offer (ROFO) for this property in Hyderabad and is now exercising the same. In addition to this, it is also evaluating another potential third-party acquisition opportunity in Hyderabad.

“We delivered a strong performance this quarter, setting key milestones...This positions us to achieve our highest annual leasing since listing. The launch of our second Data Center in Airoli West, with three more in the pipeline, further strengthens our portfolio,” said Ramesh Nair, CEO, Mindspace REIT

Source: The Economic Times