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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