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Mindspace REIT income up 6.7% in Q2 FY22

Robust demand cycle emerges as employees start returning to office

Mindspace REIT income up 6.7% in Q2 FY22

Mindspace Business Parks REIT Flourishes in Madhapur, Hyderabad's Thriving Hub

Hyderabad: Mindspace Business Parks REIT, owner and developer of quality Grade A office portfolio located in four key office markets of India, reported 6.7 per cent year-on-year rise in net operating income at Rs 359.2 crore in the July-September quarter of financial year 2021-22. It has declared distribution of R 272.8 crore, with over 90 per cent being tax-exempt to the investors.

The Governing Board of K Raheja Corp Investment Managers LLP, Manager to Mindspace REIT, approved a distribution of Rs 4.60 per unit for Q2 FY2022 at its meeting held on Saturday. The dividend is 93 per cent tax-exempt in the hand of unit holders up to Rs 4.28 per unit, while interest constitutes to the remaining Rs 0.32 per unit.

The record date for the distribution is November 18, and the payment of the distribution shall be processed on or before November 27. Vinod Rohira, CEO of Mindspace Business Parks REIT said, "We continue to witness strong leasing activity across our portfolio with over 2.1 million square feet leased in the first half of this financial year.

"We remain increasingly confident of the commercial market outlook, buoyed by record tech hiring and growth trends, improved GCC prospects, vaccination coverage in our gateway cities as employees return to office. We are excited about the robust demand cycle re-emerging," he added.

N Sharath Chowdary
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