Advertisement
When should a housing society in Mumbai start considering re...
From GST on JDAs to SEBI’s REIT reclassification and the S...
Stay ahead in the world of real estate with our daily podcas...
Stay ahead in the world of real estate with our daily podcas...
Mindspace Business Parks REIT reported a 13% year-on-year increase in net operating income, reaching INR 540 crore for the quarter ended March. The company declared a distribution of INR 392 crore for the same period. For the fiscal year 2024-25, net operating income rose 8.9% to INR 2,061.6 crore, with a distribution of INR 1,312 crore, marking a 15.5% annual growth. The company achieved gross leasing of 2.8 million square feet in Q4, bringing the total for FY25 to 7.6 million square feet. Leadership changes include Ramesh Nair being appointed as CEO and Managing Director for a five-year term, effective immediately.
The net operating income for the quarter ending March at Mindspace Business Parks REIT increased by 13% year over year to INR 540 crore. The company also declared a distribution of INR 392 crore for the same period. For the fiscal year 2024-25, net operating income rose 8.9% to INR 2,061.6 crore, with a distribution of INR 1,312 crore, marking a 15.5% annual growth. Advertisement
The company achieved gross leasing of 2.8 million square feet in Q4, bringing the total for FY25 to 7.6 million square feet. Notably, an entire building under redevelopment at Mindspace Madhapur, Hyderabad, with a leasable area of 1.5 million square feet, was pre-leased to a large multinational corporation's Global Captive Center. Additionally, the company received an Occupation Certificate for the B4 Building at Gera Commerzone Kharadi, Pune, spanning 1 million square feet, which is entirely pre-leased to another multinational corporation's Global Captive Center.
In terms of acquisitions, the company successfully completed its first Right of First Offer (ROFO) transaction by acquiring 100% equity shareholding in Sustain Properties Private Limited, which owns 1.8 million square feet at Commerzone Raidurg, Hyderabad. Furthermore, the company concluded the acquisition of approximately 0.26 million square feet in Mindspace Madhapur, Hyderabad, consolidating its ownership in the Business Park.
Leadership changes include Ramesh Nair being appointed as Chief Executive Officer and Managing Director for a five-year term, effective immediately. Nair brings over 25 years of experience in the real estate sector, having previously held leadership positions at Colliers and JLL India. His appointment is expected to steer the company towards continued growth and success.
The company's record leasing activity and strategic acquisitions position it well for future expansion. Under the leadership of Ramesh Nair, the company aims to build on its solid foundation and continue delivering value to its investors and tenants.
5th Jun, 2025
25th May, 2023
11th May, 2023
27th Apr, 2023
Advertisement
Facebook
Whatsapp
