Mindspace business Parks Reit has announced ambitious plans to boost its net operating income (NOI) by 50% over the next three to four years, coinciding with its celebration of five years since listing on Indian stock exchanges.

Expansion Plans and Growth Strategy

Mindspace REIT plans to deploy over Rs 4,200.00 crore to add 8 million square feet of area to its portfolio. This expansion is expected to increase the company's NOI by Rs 900.00-1,000.00 crore from its current level of Rs 2,000.00 crore. The trust currently operates 30 million sq ft, with an additional 3.5-4 million sq ft under construction and plans for another 4 million sq ft pending approvals.

Ramesh Nair, Managing Director, stated that construction on new projects will commence within 12-18 months. He expressed confidence in the company's prospects, citing India's cost advantages and dismissing concerns about potential impacts from trade policy shifts or AI adoption.

Five-Year Milestone and Performance Highlights

According to the latest LODR filing, Mindspace REIT has completed five successful years since its listing in August 2020. The company has reported impressive growth and returns:

• Delivered 14.80% annualized total returns since listing
• Portfolio size grew by 30%, from 23.90 msf at listing to 31.00 msf as of June 30, 2025
• Gross Asset Value (GAV) increased by 55%, from Rs 240.00 billion at listing to Rs 372.00 billion
• Net Asset Value (NAV) per unit rose by 28%, from Rs 338.40 to Rs 431.70

Key Achievements Since Listing

Mindspace REIT has made significant strides in various areas:

• Added 3.10 msf through strategic acquisitions
• Delivered 3.70 msf of new developments
• Achieved 25.20 msf of gross leasing, including re-leasing and fresh leasing
• Distributed Rs 55.90 billion cumulatively to unitholders
• Introduced 5 data centers to the portfolio, becoming the first Indian REIT to do so
• Raised funds through Sustainability-Linked Bonds at REIT level, another first for Indian REITs

Tenant Diversification and Occupancy

The share of Indian corporates in overall NOI has doubled to 25% over the past five years. Domestic companies are showing a preference for Mumbai suburbs, while multinationals favor locations such as Pune, Hyderabad, and Chennai. The REIT maintains a strong occupancy rate of 93.70%, reflecting consistent demand and healthy tenant retention.

Financial Management and Future Outlook

Preeti Chheda, CFO, highlighted the REIT's commitment to prudent financial management and sustainable long-term growth. The company has maintained a robust balance sheet with a Loan-to-Value (LTV) ratio of 25.00%.

As Mindspace REIT embarks on its ambitious growth plan, it continues to focus on creating high-quality business campuses that drive client growth, deliver long-term investor value, and offer attractive workspaces. The company remains optimistic about the future of commercial real estate in India and its ability to meet the evolving needs of businesses and employees alike.

Mindspace Business Parks REIT has marked a significant milestone, completing five years since its listing on Indian stock exchanges in August 2025. The Real Estate Investment Trust (REIT) has demonstrated remarkable resilience and growth, delivering impressive returns to its unitholders despite its debut during the challenging times of the global pandemic in 2020.

Strong Financial Performance

Mindspace REIT has shown robust financial performance over the past five years:

• Delivered 14.8% annualized total returns to unitholders since listing
• Distributed INR 55.9 billion cumulatively to unitholders
• Gross Asset Value (GAV) increased by 55% to INR 372.00 billion
• Net Asset Value (NAV) grew by 28% to INR 431.70 per unit

Portfolio Expansion and Diversification

The REIT has significantly expanded its portfolio and diversified its offerings:

• Portfolio grew by 30%, with completed area expanding from 23.9 msf to 31.0 msf
• Added 3.1 msf through strategic acquisitions
• Delivered 3.7 msf of new developments
• Achieved 25.2 msf of gross leasing, including re-leasing and fresh leasing
• Became the first Indian REIT to introduce 5 data centers in its portfolio

Operational Highlights

Mindspace REIT has shown strong operational performance:

• Portfolio occupancy stands at a healthy 93.7%
• In-place rent increased by 34% from INR 54.40 psf to INR 72.90 psf
• Office occupiers grew by 66% from 134 to 223
• Unitholders increased 8 times from 8,551 to 68,710

Financial Innovation and Sustainability

The REIT has also made strides in financial innovation and sustainability:

• First Indian REIT to raise funds through Sustainability-Linked Bonds at REIT level
• Maintains a conservative loan-to-value (LTV) ratio of 25.0%

Geographic Presence

Mindspace REIT operates across four key office markets in India:

• Mumbai Metropolitan Region (MMR)
• Hyderabad
• Pune
• Chennai

The REIT's portfolio now boasts a total leasable area of 38.1 msf, comprising 31.0 msf of completed area, 3.7 msf under construction, and 3.4 msf for future development.

Management Commentary

Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Private Limited (Manager to Mindspace REIT), commented on the milestone: "When we listed five years ago, our goal was clear – to create high-quality business campuses that power client growth, deliver long-term investor value, and offer loved workspaces. Since then, Mindspace REIT has delivered 14.8% annualised returns and grown to a portfolio with a GAV of INR 372 billion."

Preeti Chheda, CFO, added: "Over these five years, Mindspace REIT has played its part by accelerating institutional financing into office assets, unlocking liquidity for developers, and delivering meaningful value to unitholders. With 8 times increase in the unitholder base and cumulative distributions of INR 55.9 billion, we have demonstrated consistent performance amid evolving market cycles."

As Mindspace REIT celebrates this significant milestone, it continues to focus on shaping modern workplaces in India and creating spaces that keep businesses productive, people engaged, and communities thriving. The REIT's commitment to wellness and sustainability, coupled with its strong financial management, positions it well for continued growth and value creation in the years to come.