Leasing Highlights

Forging new partnerships with an unmatched portfolio and services

India Inc is returning to working from offices, creating suitable policies to bring their employees back in a phased manner. The ebbing of the pandemic along with vaccination coverage has given organizations the confidence to resume work from office. Organizations understand the importance of physical workspace in building the engaging culture for their workforce, in an environment that ranks high on safety protocols.

At Mindspace REIT we believe in investing in the wellbeing and delight of our tenants and their workforce. A significant increase in IT/ITeS hiring and return-to-work plans along with the Mindspace REIT promise of safety and top-notch quality ensured that 36 new tenants were added to our portfolio. It is our constant pursuit to build a harmonious association with our tenants and partners by upgrading and redesigning spaces to suit their changing needs. 31 of our tenants re-leased with us in the last year. Even during the year impacted by external factors, our strong connect allowed us to re-lease 50% of expiries during the year. This is reflective of the deep association we have nurtured with our tenants, our commitment to growth, and building an egalitarian work environment.

Our trusted partnership with marquee tenants has ensured a record pre-leasing of the entire under construction building of c. 0.7 msf at Commerzone Kharadi, Pune. We also entirely leased our CBD asset of 0.1 msf, The Square BKC, Mumbai Region to IDFC Ltd. Expertise of our able leasing team ensured FY22 turned out to be the best leasing year for the portfolio.

Our all three ROFO assets saw leasing momentum elevate with notable deal being pre-leasing of an entire building of c. 1.8 msf at Commerzone Madhapur, Hyderabad.

Top 10 leases signed in FY22 including re-leasing:

Tenant Asset Location Area Leased
E-commerce Commerzone Kharadi Pune 0.7
Smartworks Coworking Spaces Private Limited Mindspace Madhapur Hyderbad 0.4
BA Continuum India Private Limited Mindspace Madhapur Hyderbad 0.4
AMD India Private Limited Mindspace Madhapur Hyderbad 0.4
Wipro Limited Mindspace Airoli (E) Mumbai Region 0.3
BFSI tenant Mindspace Airoli (W) Mumbai Region 0.2
Thomson Reuters International Services Private Limited Mindspace Madhapur Hyderbad 0.1
Tablespace Technologies Private Limited Commerzone Porur Pune 0.1
IDFC Limited The Square BKC Mumbai Region 0.1
Genpact India Private Limited Mindspace Pocharam Hyderbad 0.1
Others 1.6
Grand Total 4.5

Lease expiry profile

Active discussions on with existing and new tenants for renewal/re-leasing Note:

Strong re-leasing achieved as macro environment continues to improve

Area expiry (msf)

Track record of achieving re-leasing
spread across parks

Area re-leased (Since Apr 18) (msf)

  1. Impact of early termination
  2. Excludes early re-leasing of 1.0 msf during the FY22
  3. Gross rent as % of total rent of Completed Area as of March 31, 2022
  4. Re-leasing spread includes spread on extensions and vacant area

Ability to attract new tenants along with existing tenant retention

13.4 msf leased since April 18, including 7.4 msf at 25.8% re-leasing spread

New area leased % split by area(1)

Existing area re-leased (% split by area)(1)

Note:
1. For the period April 18 – March 22; Includes Committed and pre-Leased Area

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