Mindspace REIT Reports Record FY25 Leasing and Strong Q4 Financials
01 May 2025
2 Min Read
CW Team
Mindspace Business Parks REIT announced its Q4 FY25 and full-year results, reporting the highest-ever gross leasing since listing, with approximately 2.8 million sq ft in Q4 and 7.6 million sq ft for FY25. Notably, the REIT pre-leased an entire 1.5 million sq ft building under redevelopment at Mindspace Madhapur, Hyderabad, to a major MNC global captive center.
The portfolio鈥檚 committed occupancy rose to around 93%, excluding Pocharam, where divestment has started. Net Operating Income (NOI) for Q4 FY25 grew 13% year-on-year to about Rs 5.4 billion, while revenue from operations reached Rs 6.78 billion, marking a 14% increase. Distributions surged nearly 39% year-on-year to Rs 3.92 billion for the quarter, with full-year distributions up 15.5% at Rs 13.12 billion (Rs 21.95 per unit).
Mindspace REIT achieved re-leasing spreads of 17.4% in Q4 and 22.8% for the year, driven largely by robust rental growth in Hyderabad, where in-place rents now stand at Rs 71 per sq ft per month and mark-to-market spreads have increased to about 13.4%.
Significant milestones include receiving the Occupation Certificate for the fully pre-leased B4 Building at Gera Commerzone Kharadi, Pune, and the completion of its first ROFO acquisition 鈥� a 1.8 million sq ft property at Commerzone Raidurg, Hyderabad 鈥� as well as the acquisition of 0.26 million sq ft at Mindspace Madhapur, consolidating its ownership there.
The portfolio鈥檚 Gross Asset Value rose 17% to Rs 366.47 billion, with Net Asset Value increasing 10% to Rs 431.7 per unit. The REIT maintains a low loan-to-value ratio of 24.3% and an average borrowing cost of 8.15%.
In leadership updates, Akshaykumar Chudasama, Managing Partner at Shardul Amarchand Mangaldas & Co., has been appointed as Non-Executive Independent Director, while Ramesh Nair has been formally designated CEO and Managing Director for a five-year term.
Mindspace Business Parks REIT announced its Q4 FY25 and full-year results, reporting the highest-ever gross leasing since listing, with approximately 2.8 million sq ft in Q4 and 7.6 million sq ft for FY25. Notably, the REIT pre-leased an entire 1.5 million sq ft building under redevelopment at Mindspace Madhapur, Hyderabad, to a major MNC global captive center.The portfolio鈥檚 committed occupancy rose to around 93%, excluding Pocharam, where divestment has started. Net Operating Income (NOI) for Q4 FY25 grew 13% year-on-year to about Rs 5.4 billion, while revenue from operations reached Rs 6.78 billion, marking a 14% increase. Distributions surged nearly 39% year-on-year to Rs 3.92 billion for the quarter, with full-year distributions up 15.5% at Rs 13.12 billion (Rs 21.95 per unit).Mindspace REIT achieved re-leasing spreads of 17.4% in Q4 and 22.8% for the year, driven largely by robust rental growth in Hyderabad, where in-place rents now stand at Rs 71 per sq ft per month and mark-to-market spreads have increased to about 13.4%.Significant milestones include receiving the Occupation Certificate for the fully pre-leased B4 Building at Gera Commerzone Kharadi, Pune, and the completion of its first ROFO acquisition 鈥� a 1.8 million sq ft property at Commerzone Raidurg, Hyderabad 鈥� as well as the acquisition of 0.26 million sq ft at Mindspace Madhapur, consolidating its ownership there.The portfolio鈥檚 Gross Asset Value rose 17% to Rs 366.47 billion, with Net Asset Value increasing 10% to Rs 431.7 per unit. The REIT maintains a low loan-to-value ratio of 24.3% and an average borrowing cost of 8.15%.In leadership updates, Akshaykumar Chudasama, Managing Partner at Shardul Amarchand Mangaldas & Co., has been appointed as Non-Executive Independent Director, while Ramesh Nair has been formally designated CEO and Managing Director for a five-year term.
Next Story
Mumbai-Ahmedabad Bullet Train Set to Launch by 2028
India鈥檚 first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India鈥檚 infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..
Next Story
Mumbai-Gandhinagar Train Service Enhances Passenger Capacity
The Mumbai Central鈥揋andhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India鈥檚 busiest business corridors. This upgrade, effective from 11 May, raised the train鈥檚 seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai鈥揂hmedabad鈥揋andhinagar route, which regularly operates at over 150 percent seat occupancy...
Next Story
Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently
Delhi鈥檚 ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river鈥檚 health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..
