Mindspace REIT reports 6.7% YoY jump in income at Rs 359.20 cr

17 Nov 2021 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.

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Also read: Mindspace Business Parks REIT to be first to join Climate Group’s RE100

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