FCC

Leadership restructuring at Mindspace Business Parks REIT

2023-08-10

Mindspace Business Parks REIT has restructured its senior management team to ensure a stable and seamless leadership transition for driving the next phase of expansion. The publicly-listed entity, backed by K Raheja Corp, has designated Ramesh Nair as the Chief Executive Officer, effective from September 1. Concurrently, Vinod Rohira's role has been elevated to a Board Member of the REIT.

In his new capacity, Rohira will assume a more extensive responsibility within the K Raheja Corp group as the Managing Director and CEO for Commercial Real Estate. This includes a strategic role in K Raheja Corp's Commercial Real Estate division, as well as a position on the Board of K Raheja Corp Homes, which focuses on residential business initiatives.

Mindspace Business Parks REIT, supported by the K Raheja Corp group, successfully debuted on the Indian stock exchanges in August 2020. The REIT possesses portfolios of office properties situated across four vital office markets in India, encompassing the Mumbai Region, Pune, Hyderabad, and Chennai.

With a total leasable area of 32.1 million square feet, the portfolio comprises 25.9 million square feet of fully developed space, 2.5 million square feet of space under ongoing construction, and an additional 3.7 million square feet earmarked for future development. The property assortment encompasses five integrated business parks and five standalone office properties. Notably, the portfolio boasts a diversified tenant base, accommodating over 200 tenants as of the conclusion of June.