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

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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.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020. The REIT owns office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai.

It has a total leasable area of 31.3 million square feet.