Mindspace Business Parks REIT Announces Results for Q1 FY25

Bengaluru, July 31, 2024: Mindspace Business Parks REIT, owner and developer of quality Grade A office portfolio located in four key office markets of India, reports results for the quarter ended June 30, 2024.

Speaking on the results, Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT said, “We’ve had yet another great quarter, renting out over 1 million square feet and achieving a remarkable committed occupancy of 91.1%. Our NOI grew by a robust 9.2% driven by our rising rents and growing occupancy. This healthy leasing, especially at our Navi Mumbai Parks post the SEZ policy reform, has encouraged us to prepone the future development at our Airoli East Park. We plan to build an additional 1.5 million square feet at Mindspace Airoli East to meet the demand over the next 3-4 years. This, alongside our ongoing projects totalling 4.4 million square feet and the potential lease up of 2.3 msf vacant space, positions us for significant growth ahead."