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.

Real Estate

26 Jun 2026

AGM Vijaylaxmi launches Sixty3 W.E. Bizpark

AGM Vijaylaxmi Group has launched Sixty3 W.E. Bizpark, a mixed-use commercial development in Goregaon East, Mumbai. The project includes contemporary office spaces and a high-street retail component designed to support businesses, retailers and professionals.Located along the Western Express Highway, Sixty3 W.E. Bizpark is planned as a G+25-storey commercial tower. It offers office spaces ranging from 545 sq ft to 3,200 sq ft, with a 3.60 metre floor-to-floor height aimed at improving spatial comfort, natural light and operational efficiency.The project features a high-street retail boulevard ..

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..