Mindspace REIT reports 6.7% YoY jump in income at Rs 359.20 cr
17 Nov 2021
2 Min Read
CW Team
The Mindspace Business Parks REIT (Mindspace REIT) has recorded a growth of 6.7% year-on-year in its net operating revenue, which reached Rs 359.20 crore in the quarter ended September 30, 2021.
The net operating revenue of the firm was Rs 336.60 crore in Q2 FY21. Its revenue from operation reached Rs 423.40 crore in Q2 FY22 compared to Rs 401 crore it reported in a similar period of the previous fiscal.
The manager of Mindspace Business Parks REIT, The governing board of K Raheja Corp Investment Managers LLP, has announced a net asset value of Rs 357.8 per unit for Mindspace REIT according to Regulation 10(22) of the SEBI REIT Regulations, based on the valuation report.
The board additionally announced the distribution of Rs 272.80 crore or Rs 4.60 per unit for the quarter ended September 30, 2021. The distribution includes Rs 253.80 crore or Rs 4.28 per unit in form of a dividend, which is tax-exempt in the hand of unitholders, and Rs 19 crore or Rs 0.32 per unit in form of interest.
It additionally approved the resignation of Preeti Chheda from the office of a compliance officer of Mindspace REIT with effect from November 12, 2021, and elected Narendra Rahalkar as the new compliance officer with effect from November 13, 2021.
Rs 4 billion was raised by Mindspace REIT in the form of debentures at the SPV level at 6.1% per annum coupon. The Chief executive officer, Mindspace Business Parks REIT, Vinod Rohira, told the media that they continue to observe strong leasing activity across their portfolio with more than 2.1 million sq ft leased in the first half of FY22.
Also read: Mindspace Business Parks REIT to be first to join Climate Group鈥檚 RE100
The Mindspace Business Parks REIT (Mindspace REIT) has recorded a growth of 6.7% year-on-year in its net operating revenue, which reached Rs 359.20 crore in the quarter ended September 30, 2021.
The net operating revenue of the firm was Rs 336.60 crore in Q2 FY21. Its revenue from operation reached Rs 423.40 crore in Q2 FY22 compared to Rs 401 crore it reported in a similar period of the previous fiscal.
The manager of Mindspace Business Parks REIT, The governing board of K Raheja Corp Investment Managers LLP, has announced a net asset value of Rs 357.8 per unit for Mindspace REIT according to Regulation 10(22) of the SEBI REIT Regulations, based on the valuation report.
The board additionally announced the distribution of Rs 272.80 crore or Rs 4.60 per unit for the quarter ended September 30, 2021. The distribution includes Rs 253.80 crore or Rs 4.28 per unit in form of a dividend, which is tax-exempt in the hand of unitholders, and Rs 19 crore or Rs 0.32 per unit in form of interest.
It additionally approved the resignation of Preeti Chheda from the office of a compliance officer of Mindspace REIT with effect from November 12, 2021, and elected Narendra Rahalkar as the new compliance officer with effect from November 13, 2021.
Rs 4 billion was raised by Mindspace REIT in the form of debentures at the SPV level at 6.1% per annum coupon. The Chief executive officer, Mindspace Business Parks REIT, Vinod Rohira, told the media that they continue to observe strong leasing activity across their portfolio with more than 2.1 million sq ft leased in the first half of FY22.
Image Source
Also read: Mindspace Business Parks REIT to be first to join Climate Group鈥檚 RE100
Next Story
Kolkata鈥檚 luxury housing market sees price growth amid mixed trends
A new study by Nklusive reveals that Kolkata鈥檚 luxury residential market (Rs 5鈥�10 crore) recorded a 33 per cent year-on-year rise in supply and a 52 per cent increase in sales in calendar year 2024 (CY24). South Kolkata led with 78 per cent of the segment鈥檚 supply. The average price rose by 6 per cent鈥攆rom Rs 17,519 to Rs 18,600 per sq ft鈥攚hile unsold inventory grew by 15 per cent. Monthly absorption improved from 2 to 3 units.In contrast, the ultra-luxury segment (Rs 10 crore and above) experienced a 17 per cent decline in supply and a 30 per cent fall in sales. Central Kolkata acco..
Next Story
New Expressway to Cut Pune-Bengaluru Travel Time by Half
The upcoming Pune-Bengaluru Expressway is expected to significantly improve connectivity and economic opportunities across Maharashtra and Karnataka. This 700-kilometre greenfield, access-controlled highway will cut the travel time between Pune and Bengaluru from 15 hours to just 7 hours, facilitating easier movement for both commuters and businesses. Starting from Bommanal in Karnataka鈥檚 Athani Taluk, the expressway will traverse important districts such as Belagavi, Bagalkot, and Jamakhandi. It will then enter Maharashtra at Kanjle, connect with the proposed Pune Ring Road, and pass throug..
Next Story
Nagpur鈥檚 Koradi Naka to Get Y-Shaped Flyover for Safer, Smoother Traffic
To alleviate traffic congestion and enhance safety at Koradi Naka in Nagpur, a Y-shaped flyover is currently being constructed on National Highway 47. Demolition work has already commenced, with the main construction scheduled to start on June 20, 2025.The project, costing Rs 430.37 billion, involves building a 1,090-meter-long flyover that will connect Farsa, the Mahadula Railway Overbridge (ROB), and Bokhara Road, and will also feature an underpass. The existing structure will be repurposed into a service road to facilitate local traffic.Koradi Naka has been identified as a significant "blac..
