Mindspace REIT Reports Record FY25 Leasing and Strong Q4 Financials

01 May 2025 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’s 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 — a 1.8 million sq ft property at Commerzone Raidurg, Hyderabad — as well as the acquisition of 0.26 million sq ft at Mindspace Madhapur, consolidating its ownership there.

The portfolio’s 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.

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Mindspace REIT Reports Record FY25 Leasing and Strong Q4 Financials

NF Railway Launches Girder on World’s Tallest Pier Bridge in Manipur

Cube Highways Trust Reports Rs 34.53 Bn Total Income in FY25

New Flyover to Ease Traffic on Hyderabad’s Busiest Road

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