Presenting future of efficient and
equitable workspaces
High Safety and Quality Standards
Overview: Mindspace Business Parks REIT
Total Leasable Area
32.1msf
Under-Construction
Area
2.5 msf
Completed
Area
25.9
msf
Future Development
Area
3.7
msf
Special Purpose
Vehicles (SPVs)
08
Office Assets
10
Spread across
Mumbai Region, Hyderabad, Pune and Chennai
Largely operates under
Mindspace, Commerzone and The Square Brands
The Total Leasable Area displayed above is as on 30th June 2023
and does not include the acquisition of c.0.24 msf completed on 2nd September 2023
Who We Are
Mindspace REIT welcomes you to the future of efficient and equitable workspaces
Our portfolio comprises five integrated business parks and five quality independent offices, totalling 32.1 msf of total leasable area, comprising 25.9 msf of completed area, 2.5 msf of under-construction area and 3.7 msf of the future development area, as of 30th June, 2023.
Our Portfolio
- Mindspace Airoli East, Mindspace Airoli West, Paradigm Mindspace Malad and The Square, Avenue 61 (BKC) in Mumbai Region
- Mindspace Madhapur and Mindspace Pocharam in Hyderabad
- Commerzone Yerawada, Gera Commerzone Kharadi and The Square Signature Business Chambers (Nagar Road) in Pune
- Commerzone Porur in Chennai
Our IT and office spaces are distinguished by their scale and infrastructure. They are located in the established micro-markets of their respective portfolio markets, with proximity and/or connectivity to major business, social, and transportation infrastructure. We believe that our portfolio assets allow us to attract large, quality tenants and position us as the ‘landlord of choice’ for large multinational clients who have a pan-India presence.
As of 30th June, 2023, our portfolio is well diversified with 200+ tenants and no single tenant contributed more than 5.0% of our Gross Contracted Rentals. Our tenant base comprises a mix of multinational and Indian corporates.
The data indicated above is as on 30th June 2023. On 2nd September 2023, Mindspace REIT through its Asset SPV, Horizonview Properties Private Limited, acquired c.0.24 msf area in Commerzone Porur, Chennai.
Sponsor
Anbee Constructions LLP (“ACL”) and Cape Trading LLP (“CTL”) are the Sponsors of the Mindspace Business Parks REIT. Both ACL and CTL form part of the K Raheja Corp Group.
K Raheja Corp Business Overview
Office
Developed >36.4 msf
Hospitality
3,000+ operational keys
Malls
4 malls
Residential
Developed residential spaces across 5 key cities
Retail
Leading retail platform with 270+ stores across India
Notes:
All the data mentioned here is as on 30th June, 2023
To know more about K Raheja Corp Group
Trustee
Axis Trustee Services Limited is the Trustee of Mindspace REIT. The Trustee is a registered intermediary with SEBI under the SEBI Debenture Trustee Regulations, as a debenture trustee having registration number IND000000494. As the Trustee, it ensures compliance with statutory requirements and believes in ethical standards and best practices in corporate governance. It aims to provide best services in the industry with its well trained and professionally qualified staff. The Trustee is involved in varied facets of debenture and bond trusteeships, including, advisory functions and management functions. The Trustee also acts as a security trustee and is involved in providing services with respect to security creation, compliance and holding security on behalf of lenders.
Axis Trustee Services Limited
The Ruby, 2nd Floor, Senapati Bapat Marg, Dadar (West), Mumbai 400028
Tel: +91 22 6230 0451 | E-mail: debenturetrustee@axistrustee.com
Website: www.axistrustee.com
Manager
K Raheja Corp Investment Managers Private Limited (earlier known as K Raheja Corp Investment Managers LLP) is the Manager of the Mindspace Business Parks REIT (Mindspace REIT). The Manager shall be responsible for managing the assets and investments of the Mindspace REIT and undertaking operational activities of the Mindspace REIT in accordance with the SEBI (Real Estate Investment Trust) Regulations, 2014 and the Investment Management Agreement.
Mindspace REIT Structure
Growth Strategy
Beyond business operations,
towards long-term value
At Mindspace REIT, our focus has always been to give back more to society than what we derive. Our partners and stakeholders see the value we are able to generate by inculcating the sustainability model at the core of our operations, helping us differentiate ourselves.
Our proficiency in active asset management, ability to cultivate long-standing relationships with occupiers and the deployment of optimum capital structure, have collectively helped us in generating strong returns on investment for our unitholders, and we plan to steadily move onwards and upwards.
Sustainable pillars of growth
Mindspace REIT has always been ahead of the curve in identifying the upcoming trends in premium business spaces that cater to the ever evolving needs of global employers and their millennial workforce.
This has been the driving principle, in curating community-based, ecosystems that are dynamic, smart and guided by the pillars of sustainability.
Financial discipline
We always prioritise our approach towards financial management by ensuring comfortable leverage, generating free cash flow and ensuring long-term value creation for our unit holders.
6.2%
Distribution yield
(Annualized distribution yield basis Q1 FY24 distribution calculated on closing price of INR 309 p.u. as on 30th Jun 23)
18.8%
Net Debt to Market Value
(For the purpose of Net Debt and LTV calculation, Cash and Cash Equivalents, Fixed Deposits (with tenure > 3 months) which can be liquidated when required, accounting & minority adj. are reduced from Gross Debt; and Market value is as on 31 Mar 23)
Robust portfolio
The Mindspace REIT portfolio encompasses finest assets that are sustainably built and curated to provide an engaging experience for our tenants. Our reach across important micro-markets is reflective of a strong portfolio that provides strategic value created on tenant retention and addition and footprint expansion. We continue to explore strategic value-accretive organic and inorganic opportunities to strengthen our presence.
32.1 msf
Total leasable area
0.4 msf
Gross leasing in Q1FY24
Our human capital
We invest in our people and care deeply about our human and intellectual resources. We value the expertise our dynamic team brings in and celebrate the diversity they offer.
11+ hours
Average ESG Training Hours per employee
Valued partnerships and community initiatives
We work closely with our stakeholders, business partners, and tenants alike to forge an engaging and mutually beneficial partnership. We also believe in nurturing and empowering our communities, especially women and children, through education, training, upskilling and reskilling.
200+
Total tenants
5,900+
Students benefited from 'Room to Read', and "Deeds Public Charitable Trust", literacy initiatives supported by Mindspace REIT
Owning our actions
As a responsible corporate citizen, it is our mission to constantly work towards judiciously using natural resources and adopting smart and sustainable practices across our properties. We are committed to the sustenance needs of our future generations and have made sustainability a way of work and life at Mindspace REIT. We strive to create a meaningful impact on the ecology by adopting efficient practices like electric mobility, energy and water conservation, renewable energy, etc.
1.94 MW
Installed capacity of Solar PV
Commitment to 100% renewable energy usage by 2050
Committed to 100% electric mobility within the parks
Awards & Accolades
Commercial Project - Office Building (Metro: Ongoing) for Building No. 9 (Airoli, West)
By ET Realty Awards
Mindspace Airoli West
Commercial Project - Business / IT Parks (Metro: Ongoing) for Gera Commerzone Kharadi
By ET Realty Awards
Gera Commerzone Kharadi
Received '9 Sword of Honour Awards' on the back of its Five Star Occupational Health and Safety Rating
By British Safety Council
Mindspace Business Parks REIT
Construction Week Awards 2022 for the Real Estate company of the year
By Construction Week Awards
Mindspace Business Parks REIT
Mindspace REIT featured in India's Great Mid-size Workplaces 2022
By Great Place to Work
Mindspace Business Parks REIT
Architects Engineers & Surveyors Association Pune (AESA) Award
By AESA
Commerzone Kharadi
Received Platinum LEED O&M certification across 7 Buildings & LEED Gold O&M across 5 Buildings
By USGBC
Mindspace Madhapur
Commercial Project - Office Building (Metro: Completed) for Building No. 9 (Airoli, West)
and Business / IT Parks (Non-Metro: On-Going) for Gera Commerzone Kharadi
By ET Realty Awards
Mindspace Airoli West, Gera Commerzone Kharadi
9 'Sword of Honour' awards by British Safety Council. Honoured for its occupational Health and Safety practices, benchmarked to global standards
By British Safety Council
Mindspace Airoli West, Mindspace Airoli East, Paradigm Mindspace Malad, Mindspace Madhapur, Commerzone Yerawada
'CREATE – 2021 (CREDAI REALTY AWARDS FOR TELANGANA)'
for Office / Commercial having more than 1 lakh sqft super built up area.
By CREDAI Telangana's CREATE Awards 2021
Mindspace Madhapur, Hyderabad
'National Award (Builder) for the year 2021'
By Construction World Architect and Builder
Mindspace Business Parks REIT
'Noteworthy Project award for the year 2021'
By Construction World Architect and Builder
Gera Commerzone, Kharadi
'British Safety Councils Five Star rating in the Five Star Occupational Health and Safety Audit for following Complexes in the year 2020 – 21'
By British Safety Council
Mindspace Airoli West, Mindspace Airoli East, Commerzone Pune, Mindspace, Madhapur Hyderabad
'Sword of Honour for outstanding commitment to Health and Safety for following Complexes in the year 2020 - 21'
By British Safety Council
Mindspace Airoli West, Commerzone Pune
'Best Commercial Project of the Year - Gera Commerzone Kharadi'
By Realty Plus Conclave & Excellence Awards
Mindspace Gera Commerzone Kharadi
'Environment friendly project of the year '
By Estate Awards
Mindspace Business Parks, Airoli West (Mindspace REIT)
'Mindspace: Best Real Estate IPO India 2020'
By CFI.co
Mindspace Business Parks REIT Projects
'Seal Environmental Sustainability Initiative Award for Mindspace Business Parks'
By Seal
Mindspace Business Parks
'British Safety Council Covid-19 Assurance Statements'
By British Safety Council
Mindspace Airoli West,
Mindspace Airoli East, Mindspace Hyderabad,
Commerzone Pune, The Square, Pune, Paradigm, Malad
'Environment Friendly Commercial Space Award for Mindspace Business Parks'
By Realty Plus Conclave & Excellence Awards
Mindspace Airoli (West), Commerzone Porur
'Mindspace, Airoli East bagged the Award for the 'Best Environment-Friendly Office Space'
By The Economics Times
Mindspace Airoli East
'British Safety Council's Five Star rating for Mindspace Airoli'
By British Safety Council
Mindspace Airoli (East)
'Mindspace, Airoli West received the Award for ‘Best Commercial Project of the Year'
By Realty Plus Conclave & Excellence Awards
Mindspace Airoli (West)
Best Sustainable Project Commercial – Mindspace Business Park, Airoli, Navi Mumbai
By Golden Brick Award
Mindspace Airoli (East)
IGBC Green Campus certification of Gold Rating
By Indian Green Building Council
Mindspace Madhapur
Commerzone Pune - Best Commercial Business Park
By Realty Plus Conclave and Excellence Awards 2018 - Pune
Commerzone Yerawada
'K Raheja Corp's Mindspace – Airoli East' wins the 'Times Realty Icons 2017 Award' for Iconic Business Park
By Times Group
Mindspace Airoli (East)
IGBC'S LEED India Core and Shell Gold for Mindspace Building no. 9, Airoli, Navi Mumbai
By Indian Green Building Council
Mindspace Airoli (East)
Received the LEED Platinum Certificate for Kharadi, Pune
By Indian Green Building Council
Gera Commerzone Kharadi