Mindspace REIT records 29% on-year growth in Q3 NOI at Rs 671 crore
Mindspace REIT records 29% on-year growth in Q3 NOI at Rs 671 crore

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Mindspace REIT records 29% on-year growth in Q3 NOI at Rs 671 crore

The K Raheja Corp-backed entity recorded gross leasing of over 1.1 million sq ft, while committed occupancy for the quarter rose to 94.5%.

It has recorded a re-leasing spread of 27.4% for the quarter on 1 million sq ft of area re-let. The company has posted robust growth in rentals across key micro markets, especially Madhapur, Hyderabad. Its in-place rent for the portfolio stands at Rs 75 per sq ft per month.

The REIT has leased 2.1 lakh sq ft to global location data and technology company HERE Technologies' India arm at Mindspace Airoli West (Gigaplex) through a long-term lease of over 10 years.

The REIT is currently actively working on an under construction pipeline of 3.6 million sq ft.

The company’s cost of debt reduced by 13 bps on sequential basis to 7.39% per annum per month, supported by refinancing efforts. During the quarter, it raised non-convertible debentures (NCDs) of Rs 1,900 crore at an effective rate of 6.98% per annum per month. The REIT’s Loan-to-Value (LTV) stood at 24.9%.

Sponsored by K Raheja Corp group, the REIT owns office assets with total leasable area of 39 million ssq ft in Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio consists of 5 integrated business parks and 9 independent office assets.

Source: The Economics Times

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