Mindspace REIT reports Rs 658 cr net operating income in Apr-Sept

New Delhi, Nov 11 () Mindspace Business Parks REIT on Wednesday reported a net operating income of Rs 658.4 crore for the first six months of the fiscal, and said it raised Rs 500 crore through debentures. Mindspace Business Parks REIT, which is owned by K Raheja and Blackstone, got listed on stock exchanges in August.

It was India’s second REIT (Real Estate Investment Trust) issue with a public offer of Rs 4,500 crore.

“Raised Rs 5,000 million (Rs 500 crore) via debentures at 6.8 per cent per annum. Weighted average cost of debt reduced from 9.2 per cent in March 2020 to 8.1 per cent in September 2020,” the company said in a statement.

Gross leasing stood at 1 million sq ft during the first half of the fiscal, with an average rent of Rs 70 per sq ft per month. The company collected more than 99 per cent of gross contracted rentals.

Mindspace Business Parks REIT Chief Executive Officer Vinod Rohira said, “We have delivered on net operating income and gross leasing in line with our projections, reflecting the ability of the team to perform in challenging times.”

“Our long-standing relationship with tenants and robust asset management ensured we collected 99 per cent rentals. We have also added new tenants to our portfolio, while helping some of our existing tenants grow their footprint within our business parks,” he added.

Rohira said the next few quarters would be challenging from a demand perspective.


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