NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has reported a minor dip of 1.32 per cent in its net consolidated profit during the quarter ended December 31, 2024. Its profit after tax stood at Rs 1,449.55 million in Q3 FY25 as against Rs 1,468.89 million it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income and gains stood at Rs 6,744.72 million in Q3 FY25, a growth of 10.42 per cent from Rs 6,108.26 million it recorded in the similar quarter last year.
The board of directors of K Raheja Corp Investment Managers, manager to Mindspace REIT, declared distribution of Rs 5.32 per unit aggregating to Rs 3,154.86 million, which comprises dividend of Rs 3.20 per unit aggregating to Rs 1,897.66 million, interest of Rs. 0.22 per unit aggregating to Rs 130.46 million, repayment of SPV debt of Rs 1.88 per unit aggregating to Rs. 1,114.87 million and other income of Rs 0.02 per unit aggregating to Rs. 11.86 millon.
Ramesh Nair, CEO of the company said, “We leased 1.7 million sq ft, including one million sq ft in pre-leases, and fully leased our R2 Building in Gera Commerzone Kharadi to a major MNC GCC, even before completion. NOI grew 8.3% year-on-year to Rs 5.2 billio, and distributions rose 10.9%. Re-leasing spreads of 26.4% further increased our in-place rents, boosting portfolio efficiency. The launch of our second data center in Airoli West, with three more in the pipeline, further strengthens our portfolio.”
The company clocked net operating income (NOI) growth of 8.3% year-on-year in Q3 FY25 to Rs 5,218 million and recorded gross leasing of 1.7 million sq ft in Q3 FY25.
Mindspace REIT also made an offer to acquire 100% equity shareholding in Sustain Properties, which houses 1.8 million sq ft of IT Park at Commerzone Raidurg, Hyderabad, being the ROFO Asset. It is also evaluating another potential third party acquisition opportunity in Hyderabad.
Loan-to-Value (LTV) stood at approximately 22.6% while average cost of borrowing at the end of quarter stood at 8.07%.
The board approved entering into a term sheet by Horizonview Properties, an asset SPV of Mindspace Business Parks REIT, for the potential acquisition of a company holding an Information Technology Park having gross leasable area of about 0.8 million sq ft in the Financial District of Gachibowli, Hyderabad.
