The country’s second listed Real Estate Investment Trust (REIT) has collected over 99% of gross contracted rentals during the first half of the financial year, the period largely marked by Covid19 related lockdowns and emergence of Work-from-Home model.
The company raised Rs 500 crore through debentures at 6.8% per annum during the period. With this, the company’s weighted average cost of debt reduced to 8.1% in September as against 9.2% in March.
“Our long-standing relationship with tenants and robust asset management ensured we collected 99% rentals. We have also added new tenants to our portfolio, while helping some of our existing tenants grow their footprint within our business parks,” said Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT.
According to him, the next few quarters remain challenging from a demand perspective. However, the company will continue to seek opportunities to further build upon its client relationships, re-energise its parks, focus on health and safety, and partner with clients for their business and growth needs.
The REIT has resumed construction activity for 1.7 million sq ft ongoing, on campus development projects. Workforce strength at its parks is increasing gradually and currently stands at over 75% of pre Covid-19 levels.