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.

Mindspace Business Parks REIT , a prominent player in the commercial real estate sector, has successfully raised INR 560 crore through the issuance of commercial papers. This move is part of the company's broader strategy to secure funding for its operations and potential growth initiatives.

Key Details of the Issuance

Strategic Funding Approach

This issuance is part of a larger approval by the Executive Committee of K Raheja Corp Investment Managers Private Limited, the manager of Mindspace REIT. The committee has authorized raising up to INR 2,800 crore through debt securities and commercial papers in multiple tranches. This latest issuance follows a previous approval of INR 1,800 crore, demonstrating the REIT's phased approach to capital raising.

Regulatory Compliance

The issuance adheres to the regulations set by the Securities and Exchange Board of India (SEBI) for Real Estate Investment Trusts and Listing Obligations and Disclosure Requirements. Mindspace REIT has duly informed the National Stock Exchange of India Limited and BSE Limited about this development, ensuring transparency in its financial activities.

Market Response

The commercial papers have been listed and admitted for trading on BSE Limited's debt segment, effective August 25, 2025. This listing provides liquidity to investors and reflects the market's acceptance of Mindspace REIT's debt instruments.

Implications for Investors

For investors, this issuance represents an opportunity to invest in short-term debt instruments backed by a reputable commercial real estate entity. The 199-day tenor offers a balance between liquidity and potentially attractive returns in the current market environment.

Mindspace Business Parks REIT's successful raising of INR 560 crore through commercial papers underscores its strong position in the market and its ability to access diverse funding sources. As the commercial real estate sector continues to evolve, such financial maneuvers may play a crucial role in supporting the REIT's operational and strategic objectives.