Mindspace Business Parks REIT Reports Record Year of Growth

Mindspace Business Parks REIT announced a 13% increase in its net operating income, with significant growth in leasing and occupancy rates. The company highlighted strategic expansions and strong tenant relationships. Ramesh Nair was appointed as both CEO and Managing Director, set to lead further developments and sustained growth.

On Wednesday, Mindspace Business Parks REIT reported a 13% rise in net operating income, reaching Rs 540 crore for the quarter ending March. A distribution of Rs 392 crore was also declared. CEO Ramesh Nair has now taken on the additional role of Managing Director, with his tenure set for the next five years.

The company saw an 8.9% increase in NOI for 2024-25, achieving Rs 2,061.6 crore, compared to Rs 1,895.9 crore the previous year. The annual distribution to unitholders rose by 15.5%, totaling Rs 1,312 crore. According to Nair, FY25 marked a breakthrough year, highlighting a significant leasing surge of 7.6 million square feet.

The occupancy rate improved to 93%, while pre-leased office space reached 3.6 million square feet. Nair expressed confidence in continued demand for quality office spaces and attributed NAV growth to higher rentals and successful acquisitions. With a focus on strategic acquisitions and stable development, the REIT is poised for long-term success.

(With inputs from agencies.)