Mindspace Business Parks REIT reported 8.3 per cent rise in the net operating income in the third quarter at ₹522 crore and revenue from operations rose 7.5 per cent to ₹642 crore, on strong leasing and spreads.
The K Raheja Corp-promoted REIT, leased 1.7 million sq feet in the quarter including 1 msf of pre-leases. It also achieved a re-leasing spread of 26.4 per cent while committed occupancy at its properties were stable at 91.5 per cent.
The board approved distribution at ₹5.32 per unit, up 10.9 per cent on year.
There was a steady growth in rentals across its business parks taking the in-place monthly rent to ₹71.4 per sq feet. The REIT said it was actively working on an under construction pipeline of 4.6 msf.
Gera Commerzone
One of the highlights in the quarter was pre-leasing R2 building at Gera Commerzone Kharadi spread across 1 msf, to a large MNC even prior to its completion. It launched its second data centre in Airoli West and said there were three more in the pipeline.
“With a robust leasing pipeline and solid results, we remain on track for steady growth and long-term value creation,” said Ramesh Nair, CEO, Mindspace REIT.
It has made an offer to acquire Sustain Properties, which houses around 1.8 msf of IT Park at Commerzone Raidurg, Hyderabad, being an asset for which it has right of first offer. It is also evaluating another potential third party acquisition opportunity in Hyderabad, it said.