Mindspace Business Parks REIT on January 24 reported a 8.3 percent jump in net operating income at Rs 522 crore in the quarter ended December 31, compared to Rs 473 crore in the year-ago period, the company said in an exchange filing.
In the first 9 months of the current financial year, the net profit stood at Rs 1,522 crore, recording a growth of 7.5 percent year-on-year, the stock filing showed.
The firm’s revenue from operations rose 8.2 percent to Rs 649.35 crore in the reported quarter over Rs 600.14 crore in the same period of the previous financial year, the filing said. The revenue stood at Rs 637.93 crore in the quarter ended September 30.
“The launch of our second Data Center in Airoli West (Maharashtra), with three more in the pipeline, further strengthens our portfolio. 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.
The firm informed that it has made an offer to acquire 100 percent equity shareholding in Sustain Properties Private Limited, which houses 1.8 msf of IT Park at Commerzone Raidurg, Hyderabad.
Moreover, it is evaluating “another potential third-party acquisition opportunity in Hyderabad”.
Key highlights
-Recorded gross leasing of c.1.7 msf in Q3 FY25.
-Re-leasing spread of 26.4% for Q3 FY25
-R2 Building at Gera Commerzone Kharadi spread across c.1 msf, entirely pre-leased to a large MNC GCC, even before its completion.
-Steady growth in rentals across our Business Parks, taking in-place rent to INR 71.4 per sq. ft. per month.
-Actively working on under construction pipeline of 4.6 msf.
-High Street retail complex at Mindspace Airoli East, spread across c.67,000 sq. ft. branded Mindspace Fusion, has been completed and opened to tenants for fit outs.
-The 2nd Data Center, spread across c.315,000 sq.ft in Mindspace Airoli West delivered, ahead of schedule.
-Committed Occupancy remains stable at c.91.5%
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