It has recorded a reletting margin of 27.4% for the quarter on a released area of 1 million square meters. The company has achieved robust growth in rentals in key micro markets, especially Madhapur, Hyderabad. The internal rent for the portfolio is Rs 75 per sq ft per month.
The REIT has leased 2.1 lakh sq ft to the Indian arm of global location data and technology company HERE Technologies at Mindspace Airoli West (Gigaplex) on a long-term lease of over 10 years.
“We have further scaled our portfolio through the acquisition of CBD assets in Mumbai and Pune, adding 0.8 million sq ft of leasable area, taking our inorganic additions to the portfolio since our IPO to 4 million sq ft. We remain focused on pursuing acquisition opportunities to deliver value to our unitholders,” said Ramesh Nair, CEO & MD, Mindspace REIT.
The company has declared a distribution of Rs 378 crore or Rs 5.83 per unit for the quarter, taking its cumulative distribution since listing in August 2020 to Rs 6,330 crore or Rs 105.7 per unit.
The REIT is currently actively working on a 3.6 million square meter pipeline under construction. The company’s debt costs have been reduced by 13 basis points on a sequential basis to 7.39% per annum per month, supported by refinancing efforts. During the quarter, it issued non-convertible debentures (NCDs) worth Rs 1,900 crore at an effective rate of 6.98% per annum per month. The REIT’s Loan-to-Value (LTV) was 24.9%.
Sponsored by K Raheja Corp group, the REIT owns office buildings with a total leasable area of 39 million sq ft across Mumbai, Pune, Hyderabad and Chennai. The portfolio consists of 5 integrated business parks and 9 independent office buildings.
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