Mindspace REIT Marks Five Years With 14.8 Per Cent Annualised Returns

Mindspace Business Parks REIT, owner and developer of a Grade-A office portfolio, has completed five years since its listing on the Indian bourses in August 2020. Despite debuting during the global pandemic, the REIT has delivered 14.8 per cent annualised total returns, expanded its portfolio, and reinforced occupier trust. 

Key achievements over five years include: 

• Portfolio expansion of 30 per cent to 31.0 msf through acquisitions and new developments. 
• Gross leasing of 25.2 msf, with occupancy sustained at 93.7 per cent. 
• Cumulative distribution of Rs 55.9 billion to unitholders. 
• Unitholder base increase from 8,551 to 68,710, an eight-fold rise. 
• Introduction of five data centres, the first for any Indian REIT. 
• Raising funds through Sustainability-Linked Bonds at the REIT level. 

Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers, said, “When we listed five years ago, our goal was to create high-quality business campuses that power client growth and deliver long-term investor value. With strong occupancy, a robust client base, and a GAV of Rs 372 billion, we continue to build a resilient platform that combines wellness, sustainability, and productivity.” 

Preeti Chheda, CFO, K Raheja Corp Investment Managers, added, “The REIT framework has redefined funding and ownership in Indian commercial real estate. Mindspace REIT has consistently created market value with cumulative distributions of Rs 55.9 billion and a significant increase in unitholder participation. We remain focused on prudent financial management and sustainable growth.”