A Glimpse into Mindspace REIT

Where Progress Meets Wellness

Mindspace REIT is a pioneer in shaping world-class office spaces, offering Grade A integrated business campuses, standalone office buildings, and cutting‑edge data centers across prime commercial hubs in the Mumbai, Hyderabad, Pune, and Chennai region.

3 Marquee Brands

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Mindspace REIT

A Snapshot

33.2 MSF

Total Leasable Area


Green Buildings

`299 BN

Market Value (1)(2)

26.3 MSF

Completed Area


Marquee Tenants

`380.5 P.U.

Net Asset Value (1)(2)


Premium buildings across 10 office assets(3)

69.0 PSF

In-place Rent

99.9 %

Completed Portfolio is Green Certified

`6.8 YEARS


All above figures are as on March 31, 2024
  • The market value of Mindspace Madhapur is with respect to 89.0% ownership
  • Based on Valuation by Independent Valuer
  • Excluding Amenities

Our Sustainable Growth Philosophy

Fostering Long-term Sustainable Growth

Our illustrious track record of delivering Grade A premium business spaces with renowned operational excellence establishes us as the preferred partner for global brands and their millennial workforce. Our proven record of building future‑ready workspaces serves as a compelling force in attracting top-tier clients and their employees.

Growing our Commitment to Sustainability

Integrating sustainability into our business value chain and operations is of paramount importance. We seek to minimize our environmental footprint and deliver a positive impact through initiatives aimed at reducing energy and water consumption, and by increasing our reliance on renewable energy sources.

31,842.4 MWH

Green Power Usage

1.93 MW

Renewable Power Capacity

Financial Strength and Liquidity

Built upon a foundation of prudent financial management, our growth trajectory is guided by a prudent focus on optimizing cash flow and creating enduring value for our unit holders. This steadfast approach ensures the maintenance of a resilient balance sheet, adept at meeting the liquidity needs of our business.

7.0 %

Distribution Yield


Net Debt to Market Value

Robust Portfolio

Our diversified portfolio across markets, active developments, revitalizing existing properties, and redevelopments mitigates risk and enhances resilience allowing us to capitalize on opportunities in various market conditions. This entails a strategic shift towards quality workspaces that prioritize healthy building technology and expansive outdoor amenity spaces.

33.2 MSF

Total Leasing Area

3.6 MSF

Gross Leasing

Empowering Individuals, Enriching Communities

We work closely with our stakeholders, business partners, and tenants to foster and nurture an engaging and mutually beneficial partnership. Mindspace REIT is also actively involved in nurturing and empowering our communities, especially women and children, through education, training, upskilling, and reskilling.


Average ESG Training Hours per Employee

Our Performance and Execution

CEO’s Letter to Unitholders

Ramesh Nair Chief Executive Officer

Dear Unitholders,

It is with great honor and enthusiasm that I address you in my capacity as the new CEO of Mindspace Business Parks REIT. I take on this role at an exciting time and I am humbled by the trust and confidence shown in me by the Board of Directors to guide this esteemed organization into its next chapter of growth and success.

Inspired by the achievements and the solid foundation laid by my predecessor, Mr. Vinod Rohira, I am committed to building on his esteemed legacy and driving our Organization forward with a clear vision, strategic direction, and unwavering dedication to excellence.

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Performance Highlights

Mindspace REIT's FY24 at a Glance

Operating Performance

3.6 MSF

Gross Leasing

2.5 MSF

Re-leased Area

1.1 MSF

New and Vacant Area Leased

`69 psf/month

Average Rent for Area Leased


Committed Occupancy (excluding Pocharam)

Re-leasing Spread(1)
14.3 on3.4 MSF

Area Re-leased



Participation and Score


Standing Investment

Participation and Score


Received Platinum & Gold LEED O&M

Certification across buildings

Financial Performance

`23,512 MN(2)

Revenue from Operations (13.7% growth y-o-y)(3)


Weighted Average Cost of Debt

`299. BN

Market value(6)

`18,959 MN(2)

Net Operating Income (11.9% growth y-o-y)(3)

`11.4 BN

Distribution (` 19.2 p.u.)

`14.9 BN

Amount raised in the form of AAA-rated NCDs and CPs at REIT level

7.0 MWH

Distribution Yield(4)


Net Debt to Market Value(5)



A Positive Impact on Our Communities

`12 BN

Green Financing till date

99.9 %

Green Building Certifications

46.4 %

Total water Energy Share FY24

1.93 MW

Solar power generation capacity on the rooftops of our buildings

30.4 %

Reduction in Scope 1 and Scope 2 emissions (baseline year of FY20)


Average ESG Training Hours per Employee


Female representation at senior management level


Renewable energy share in FY24

  • (1) Re-leasing spread includes spread on extensions and vacant area leasing
  • (2) Represents 100% of the SPVs including minority interest in Madhapur SPVs. Revenue from Operations include Regulatory Income/(Expense) of Power Business post re-classification and excludes Revenue from Works Contract Services
  • (3) Growth % excludes one off net income / (expense) of `33 Mn in FY24 and `186 Mn in FY23
  • (4) Distribution yield basis FY24 distribution calculated on issue price of `275 p.u.
  • (5) Net Debt and Market value as of March 31, 2024; for the purpose of LTV calculation Net Debt is considered post accounting and minority adjustment
  • (6) Market Value of Mindspace Madhapur is with respect to 89% ownership of Mindspace REIT in respective Asset SPVs

Active Development Projects

Scaling up for Expansion

As specialists in office development, with a keen eye for market trends and a deep understanding of tenant needs, we create dynamic workspaces that inspire productivity and drive collaboration, leading to success. Through continuous engagement with tenants, we derive insights into their new-age requirements, helping us in the development and redevelopment of buildings. Our development strategies are based on gauging the demand and supply factors within each micro-market.

Expansion of Our Parks

Commerzone Kharadi, Pune: B4

Commerzone Kharadi is situated advantageously in the eastern micromarket of the city and is the perfect blend of urban design and natural surroundings.


Leasable Area


Structure works completed; Finishes, façade and MEP works in progress

Expected completion

Q3 FY25

Mindspace Madhapur: 1A-1B Re-development

Re-development will ensure the expansion of our portfolio through the replacement of erstwhile building with a modern state-ofthe-art commercial space ensuring value maximization throughout the asset lifecycle.


Leasable Area


Foundation and basement works under progress

Expected completion

Q4 FY26

Mindspace Airoli East, Mumbai Region: High Street Retail and F&B

High Street to include retail and F&B along the main access road (Thane-Belapur Road) for strong visibility and better accessibility. The retail and lifestyle mix will come alive with fashion brands, cafes, fine-dining experiences, spas and salons.


Leasable Area


External development works in progress

Expected completion

Q1 FY25

Mindspace Airoli West: B8 – Data Center

Diversifying our tenant portfolio to include a data center strategically located in the leading market of IT corridor of Mumbai Region.


Leasable Area


6th Slab completed for DC building; above terrace works for DG building in progress

Expected completion

Q4 FY25

Mindspace Madhapur: Experience Center

The common central area at the business park will act as a confluence of work and leisure with efficiently designed working spaces, along with recreational facilities such as food courts, gym, spa, indoor games, and fine-dining restaurants.


Leasable Area


Upper Ground Floor Slab works in progress

Expected completion

Q1 FY26

Mindspace Madhapur: Building 7 & 8 Re-development

Strategically located re-development offers expansiaon and consolidation spaces within the park.


Leasable Area


Excavation works under progress

Expected completion

Q4 FY27

Key Performance Indicators

Steady Earnings and Strong Balance Sheet

With prudent fiscal management and a low-leverage balance sheet, we are positioned to pursue growth initiatives and deliver unitholder value.

Revenue from
operations* (` mn)

Net operating
income (` mn)

occupancy (%)(1)

Debt and Distribution


Distribution yield on issue price of `275 per unit


Net Debt to Value


Net Debt to EBITDA

Stakeholder Engagement

Collaborative Communication. Concrete Results.

At Mindspace REIT, we cultivate strong partnerships by actively engaging with our stakeholders. Through proactive collaboration, we deliver effective solutions that consistently generate positive outcomes across our stakeholder value chain.


Boost employee morale and productivity to create a diversified and inclusive work environment, while focusing on equal opportunity, safety, and holistic employee development


Provide a conducive and collaborative tenant experience by understanding their growing ambitions and requirements, thereby enhancing tenant retention

Supply Chain Partners

Building and sustaining a robust supply chain network and creating a lasting partnership

Our Communities

Helping communities we operate in thrive while striving to build a better planet

Lenders, Unitholders & Rating Agencies

Ensure transparency, disclosure, compliance, and uphold the statutes of governance through a robust framework of communication for investors, lenders, rating agencies


Creating Stakeholder Value

Our commitment to fostering organic growth is evident in our forward-thinking approach emphasizing on modern solutions through continuous upgrades to our properties and redeveloping aging assets to remain relevant to today's customers. With a focus on quality asset management, we ensure that our portfolio remains optimized for performance and value enhancement.

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Target the right set of occupiers and become their partner of choice


Total tenants


Optimize capital structure


Net debt to market value


Proactive asset management and enhancement


Independent Directors on the Board


Sustainability as a business philosophy


Experienced in–house facility management team (Camplus)

Our ESG Overview

Sustainable Solutions. Collective Well-being.

As leaders of sustainable development, we are deeply committed to driving wellness through our ESG principles. Our commitment to Environmental, Social, and Governance, isn't just about meeting standards; it's about setting new benchmarks for excellence. Our dedication to ESG not only reflects our values but also drives our long-term success and resilience.

Environment Well-being

Through sustainable resource management in property development, and implementing energy, water, and waste initiatives, Mindspace aims to enhance efficiency and reduce environmental impact. Guided by our commitment to environmental stewardship, we undertake interventions that create long-term value.

Alignment with UN SDGs

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Responsible Governance

We are dedicated to upholding human rights and ethical practices across our business operations, while emphasizing on sustainable growth and community ellbeing. We have implemented strict measures to prevent human rights violations and established a robust grievance mechanism. This system allows us to swiftly address stakeholder concerns, reinforcing our commitment to ethical conduct and the protection of human rights.

Alignment with UN SDGs

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