Mindspace Business Parks REIT reported a 9.2 per cent rise in net operating income in the June quarter, while revenue rose 10.6 per cent on strong leasing of over one million sq ft in the quarter.
The REIT reported NOI of ₹496 crore on revenue of ₹620 crore, while committed occupancy was at 91.1 per cent.
It will pay out ₹299 crore for the quarter at ₹5.04 per unit, 5 per cent higher on year.
Of the 1.1 million sq ft leased in the quarter, one million sq ft was re-leased with a spread of 23.9 per cent in Q1 of FY25. It saw a steady growth in rents across its office parks ending the quarter with a monthly in-place rent of ₹70 per sq ft.
- Also read: Mindspace REIT sees record leasing in Q4
Future plans
“This healthy leasing, especially at our Navi Mumbai Parks post the SEZ policy reform, has encouraged us to prepone the future development at our Airoli East Park,” said Chief Executive Officer Ramesh Nair. He said it planned to build an additional 1.5 million sq ft at Mindspace Airoli East for ₹900 crore. It would be investing ₹3,500 crore over the next three-four years on new developments.
“This, alongside our ongoing projects totalling 4.4 million sq ft and the potential lease up of 2.3-million-sq-ft vacant space, positions us for significant growth ahead,” he added. Around 1.3 million sq ft will be completed in the current fiscal, comprising one million sq ft in Commerzone Kharadi and three lakh sq ft in the data centre at Airoli West.