Download App

Mindspace Business Parks REIT net operating income up 8.2% to Rs 1,486 crore in FY22

May 12, 2022 11:10 PM IST

The REIT, sponsored by the K Raheja Corp group, recorded leasing of 4.5 million sq ft in FY22.

Representative image.

Mindspace Business Parks REIT, owner and developer of Grade A office portfolio located in four key office markets of India, reported an 8.2 percent growth in net operating income at Rs 1,486.4 crore for the financial year ended March 31, 2022.

For the fourth quarter ended March, net operating income rose 10.6 percent on year at Rs 396 crore.

“Mindspace REIT has recorded one of the strongest years of leasing as volumes surpassed 4.5msf. The increased preference for offices that offer aspirational and experiential product offerings and are maintained by best asset managers augurs well for our business.

“The robust hiring by IT companies and GCCs over the past 2 years coupled with actioning of return to office plans, point to a strong resurgence in demand. We are excited about fast-tracking our under-construction inventory along with realization of mark-to-market opportunity for churn space given the optimistic demand dynamics,” said Vinod Rohira, Chief Executive Officer.