Mindspace Business Parks REIT pays interest on NCDs for Q1FY27

2 min read     Updated on 01 Jul 2026, 10:28 PM
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Mindspace Business Parks REIT paid interest on 14 NCD series for the quarter ended June 30, 2026, and redeemed the Rs. 500 crore principal for Series 6 NCDs on maturity. All payments were settled on June 29, 2026, confirming no unpaid obligations as of the due date.

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Mindspace Business Parks REIT has paid interest on multiple Non-Convertible Debenture (NCD) series for the quarter ended June 30, 2026. The REIT also completed the full redemption of the principal amount for its Series 6 NCDs. The payments were made on June 29, 2026, one day prior to the scheduled due date of June 30, 2026.

K Raheja Corp Investment Managers Private Limited, acting as the manager to Mindspace Business Parks REIT, submitted the compliance certificate to BSE Limited. The filing confirmed that all interest obligations for the specified NCDs due on June 30, 2026, were settled without delay. The REIT also confirmed there are no unpaid obligations regarding interest or principal for these securities as of June 30, 2026.

Interest Payment Details

The interest payments covered 14 different NCD series, with issue sizes ranging from Rs. 340 crore to Rs. 1,200 crore. The frequency of payments was quarterly for most series, except for Series 13, which followed a half-yearly schedule. The record date for interest payments across all series was June 15, 2026.

Series ISIN Issue Size (Rs.) Interest Paid (Rs.) Frequency
Series 4 INE0CCU07066 500,00,00,000 9,61,29,661 Quarterly
Series 6 INE0CCU07082 500,00,00,000 9,66,09,591 Quarterly
Series 7 INE0CCU07090 500,00,00,000 10,01,00,000 Quarterly
Series 8 INE0CCU07108 340,00,00,000 6,72,20,330 Quarterly
Series 9 INE0CCU07116 500,00,00,000 9,92,27,400 Quarterly
Series 10 INE0CCU07124 650,00,00,000 12,86,71,507 Quarterly
Series 11 INE0CCU07132 500,00,00,000 9,39,92,000 Quarterly
Series 12 INE0CCU07140 600,00,00,000 10,77,06,000 Quarterly
Series 13 INE0CCU07157 550,00,00,000 20,22,09,233 Half-yearly
Series 14 INE0CCU07165 600,00,00,000 10,47,12,600 Quarterly
Series 15 INE0CCU07173 700,00,00,000 12,47,56,100 Quarterly
Series 16 INE0CCU07181 1200,00,00,000 20,82,31,202 Quarterly
Series 17 INE0CCU07199 560,00,00,000 12,86,20,256 Quarterly
Series 19 INE0CCU07207 500,00,00,000 5,74,86,500 Quarterly

Redemption of Series 6 NCDs

In addition to the interest payments, Mindspace Business Parks REIT redeemed the principal amount for its Series 6 NCDs (ISIN: INE0CCU07082). The redemption was executed on maturity on June 30, 2026. A total of 50,000 NCDs were redeemed, amounting to Rs. 500 crore. Following this redemption, the outstanding principal amount for this series stands at Nil.

Historical Stock Returns for Mindspace Business Parks REIT

1 Day5 Days1 Month6 Months1 Year5 Years
+0.31%+5.25%+5.99%-0.50%+19.76%+72.90%

How will the redemption of Rs. 500 crore in Series 6 NCDs impact Mindspace REIT's leverage ratio and overall debt profile?

Does Mindspace REIT plan to refinance the redeemed debt or raise new capital to fund future acquisitions or development projects?

What is the REIT's strategy for managing the remaining debt maturities, particularly the large Rs. 1,200 crore Series 16 exposure?

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Mindspace Business Parks REIT Files FY26 Annual Report; 6th AGM Scheduled for July 24, 2026

4 min read     Updated on 01 Jul 2026, 08:04 AM
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Mindspace Business Parks REIT filed its FY 2025-26 Annual Report and 6th Annual Meeting Notice, scheduling the AGM for July 24, 2026. Key FY26 highlights include NOI of ₹ 26,636 Mn (+29.2% YoY), Revenue from Operations of ₹ 32,342 Mn (+26.2% YoY), NAV per unit of ₹ 527.0, distribution per unit of ₹ 24.09 (+9.7% YoY), and gross leasing of 7.1 MSF. The AGM agenda covers adoption of financial statements, valuation report, appointment of a new valuer, and appointment of B S R & Co. LLP as statutory auditors for FY 2027-28 to FY 2031-32.

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Mindspace Business Parks REIT has filed its Annual Report for the financial year 2025-26 along with the Notice of its 6th Annual Meeting of Unitholders with BSE Limited and the National Stock Exchange of India Limited. The submission was made by K Raheja Corp Investment Managers Private Limited, acting as the Manager to the REIT, in compliance with SEBI (Real Estate Investment Trusts) Regulations, 2014 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Sixth Annual Meeting Details

The 6th Annual Meeting of Unitholders is scheduled to be held on Friday, July 24, 2026 at 3.30 P.M. (IST) through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The deemed venue of the meeting is the principal place of business of Mindspace REIT at Raheja Tower, Plot No. C-30, Block 'G', Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India.

Parameter: Details
Date and Time: July 24, 2026 at 3.30 P.M. (IST)
Mode: Video Conferencing / Other Audio Visual Means
Cut-off Date for E-voting: Friday, July 17, 2026
E-voting Start: 9:00 A.M. (IST) on Monday, July 20, 2026
E-voting End: 5:00 P.M. (IST) on Thursday, July 23, 2026
EVEN No.: 9828
Helpline for VC Participation: 1800 3094 001

Agenda for the Annual Meeting

The following ordinary businesses are proposed for consideration and approval at the 6th Annual Meeting:

  • Item 1: Adoption of audited standalone and consolidated financial statements of Mindspace REIT for the financial year ended March 31, 2026, together with the reports of the Statutory Auditors and the report on performance of Mindspace REIT.
  • Item 2: Adoption of the Valuation Report issued by M/s KZEN Valtech Private Limited for the valuation of the portfolio of Mindspace REIT as at March 31, 2026.
  • Item 3: Appointment of Mr. Vijay Arvindkumar C (IBBI Registration No. IBBI/RV/02/2022/14584) as Valuer of Mindspace REIT for a period of 2 (two) years commencing from FY 2026-27, extendable for a further period of up to 2 (two) years at the option of the Board. This appointment follows the completion of the maximum permissible four-year tenure of KZEN Valtech Private Limited as Valuer.
  • Item 4: Appointment of M/s B S R & Co. LLP, Chartered Accountants (Firm Registration Number: 101248W/W-100022) as Statutory Auditors of Mindspace REIT for 5 consecutive years to conduct the statutory audit from FY 2027-28 till FY 2031-32, at a remuneration of up to ₹ 1 crore per annum (excluding applicable taxes and out of pocket expenses), with an additional fee of up to ₹ 10 Lakhs for each additional Asset Special Purpose Vehicle acquired or incorporated from time to time.

Key Financial Highlights for FY 2025-26

The Annual Report presents the following key financial and operational metrics:

Metric: FY26 FY25 FY24
Revenue from Operations (₹ Mn): 32,342 25,627 23,512
Net Operating Income / NOI (₹ Mn): 26,636 20,616 18,959
Committed Occupancy (excl. Pocharam) (%): 95.7 93.0 90.6
Net Asset Value per Unit (₹): 527.0 431.7 380.5
In-place Rent (₹ PSF): 80.4 71.0 68.9
Distribution per Unit (₹): 24.1 22.0 19.2
Cost of Debt (% p.a.p.m.): 7.4 8.1 7.8

NOI for FY 2025-26 stood at ₹ 26,636 Mn, registering a growth of 29.2% year-on-year, while Revenue from Operations grew 26.2% year-on-year to ₹ 32,342 Mn. Total distributions for FY 2025-26 amounted to ₹ 15,164 Mn, with a distribution per unit of ₹ 24.09, reflecting a growth of 9.7% year-on-year. The REIT maintained a conservative Net Debt to Value ratio of approximately 24.3% as of March 31, 2026.

Portfolio and Operational Performance

Gross leasing during FY 2025-26 stood at 7.1 MSF, with re-leasing spreads of 31.8% on 4.2 MSF. The total leasable area of the portfolio stands at 39.3 MSF, with a total completed area of 32 MSF. The Gross Asset Value of the portfolio as of March 31, 2026 is ₹ 476,349.7 Mn. The REIT's unitholder base expanded from 7,901 at listing to 1,00,374 as of March 31, 2026.

During FY 2025-26, the REIT acquired approximately 6.8 MSF of premium workspace, including assets in Mumbai's CBD (Ascent-Worli and The Square Avenue 98 at BKC Annex), Hyderabad's Financial District (The Square 110 Financial District), and Pune (a high-quality IT building and additional units in Commerzone Yerawada). The development pipeline stands at approximately 7.3 MSF, of which 5.4 MSF is currently under construction.

Sustainability and ESG Highlights

The Annual Report includes the Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. Key ESG highlights include:

  • Portfolio covered under Green Building Certification: 99.9%
  • Renewable Energy Share in FY26: 50.4%
  • Recycled Water Share in FY26: 48.5%
  • Capital raised through Sustainability Linked Bonds (SLBs): ₹ 12 Bn
  • CSR Spend for FY26: ₹ 196.81 Mn
  • Named 'Global Listed Sector Leader – Office Development Benchmark' by GRESB for the second consecutive year
  • Received a 5-star rating by GRESB for the 3rd consecutive year

Availability of Annual Report and Voting Information

The Annual Report (including BRSR) and the Notice of the 6th Annual Meeting are available on Mindspace REIT's website. Unitholders can submit questions in advance by email to reitcompliance@mindspacereit.com before 5:00 P.M. (IST) on Thursday, July 23, 2026. Speaker registration for the Annual Meeting is open from 9:00 A.M. (IST) on Monday, July 20, 2026 to 5:00 P.M. (IST) on Thursday, July 23, 2026. The Scrutiniser for the remote e-voting process is Mr. Rupesh Aggarwal (Membership No. A16302; CP No. 5673), Managing Partner, Chandrasekaran Associates.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0CCU25019/c1d38c61b90b4730.pdf

Historical Stock Returns for Mindspace Business Parks REIT

1 Day5 Days1 Month6 Months1 Year5 Years
+0.31%+5.25%+5.99%-0.50%+19.76%+72.90%

How will the recent acquisition of 6.8 MSF of premium workspace impact the REIT's Net Operating Income and distribution per unit in the next fiscal year?

What strategies will Mindspace REIT employ to maintain the high re-leasing spreads of 31.8% as the 5.4 MSF of under-construction development pipeline comes online?

With the Net Debt to Value ratio at a conservative 24.3%, does the REIT plan to leverage further to fund future acquisitions or development projects?

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