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Chennai, September 08, 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of a high-quality Grade-A office portfolio, marks five successful years since its listing on the Indian bourses. Debuting in August 2020, amid the global pandemic and nationwide lockdown, Mindspace REIT has, over the past five years, showcased resilient growth, reinforced occupier trust, and delivered consistent returns to its unitholders.
Milestones that shaped the journey since listing:
- Added 3.1 msf (2) through strategic acquisitions, to strengthen presence in key markets
- Delivered 3.7 msf of new developments
- Achieved 25.2 msf of gross leasing, including re-leasing and fresh leasing
- Distributed INR 55.9 billion(3) cumulatively to unitholders
- Delivered 14.8%(1) annualised total returns
- First and only Indian REIT to introduce 5 data centers in the portfolio
- First Indian REIT to raise funds through Sustainability-Linked Bonds at REIT level
- Maintained robust balance sheet, with LTV at 25.0%(4)
Five years of steady progress:
Sponsored by the K Raheja Corp group, Mindspace REIT has strengthened its footprint across MMR, Hyderabad, Pune and Chennai. Its portfolio has future-ready through continuous upgrades, tenant-centric designs, wellness-focused ecosystems and sustainability embedded in operations. Occupancy across the portfolio remains strong at 93.7%(5), reflecting consistent demand and healthy tenant retentions. These fundamentals have supported consistent leasing momentum, resilient occupancy, and stable distributions to unitholders.
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Indicator
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At listing (8)
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June 30, 2025
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Growth (10)
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Completed Area
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23.9 msf
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31.0 msf (6)
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+30%
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Office Occupiers
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134
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223 (6)
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+66%
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54.4
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72.9
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+34%
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Unitholders
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8,551
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68,710
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8.0X
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GAV
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INR 240 Bn
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INR 372 Bn (7)
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+55%
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NAV
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INR 338.4 per unit
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INR 431.7 per unit (9)
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+28%
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Mr. Ramesh Nair, CEO and MD, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT, said, “When we listed five years ago, our goal was clear – to create high-quality business campuses that power client growth, deliver long-term investor value, and offer loved workspaces. Since then, Mindspace REIT has delivered 14.8%(1) annualised returns and grown to a portfolio with a GAV of INR 372(7) billion. With strong occupancy, a roster of high-quality global and domestic clients, and a strong balance sheet, we continue to build a resilient platform. Our focus on wellness and sustainability has enabled healthier, more efficient workplaces that drive productivity and attract talent. We remain committed to shaping modern workplaces in India and creating spaces that keep businesses productive, people engaged, and communities thriving.”
Ms. Preeti Chheda, CFO, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT, said, “The REIT framework has transformed how high-quality commercial real estate is funded and owned in India. Over these five years, Mindspace REIT has played its part by accelerating institutional financing into office assets, unlocking liquidity for developers, and delivering meaningful value to unitholders. This performance has strengthened confidence in the product and demonstrated that well-managed, income-generating real estate can create lasting market value. With 8 times increase in the unitholder base and cumulative distributions of INR 55.9 billion(3), we have demonstrated consistent performance amid evolving market cycles. We remain committed to prudent financial management and to unlocking sustainable, long-term growth.”
