Mindspace REIT Declares Distribution of INR 4.81 per Unit

Mindspace Business Parks REIT owner and developer of quality Grade A office portfolio located in four key office markets of India, reported results for the quarter and financial year ended March 2021. The Governing Board of K

BY Realty Plus
Published - Monday, 17 May, 2021

Mindspace REIT Declares Distribution of INR 4.81 per Unit

Mindspace Business Parks REIT owner and developer of quality Grade A office portfolio located in four key office markets of India, reported results for the quarter and financial year ended March 2021. The Governing Board of K Raheja Corp Investment Managers LLP, Manager to Mindspace REIT approved a distribution of INR 2,852 Mn or INR4.81 p.u. for Q4 FY2021 at its meeting held earlier today. Distribution comprises 92.3% dividend (INR 4.44 p.u.) and 7.7% is in the form of interest (INR 0.37 p.u.). The record date for the distribution is 21 May 2021, payment of the distribution shall be processed on or before 28 May 2021. The cumulative distribution of 9.59 p.u. in H2 FY2021 translates into an annualized yield of 7.0% on issue price of INR 275 p.u. (in line with Projections). Vinod Rohira, Chief Executive Officer, Mindspace Business Parks REIT said, “We delivered the financial performance in line with our projections. Our operating performance remained stable with collections continuing to be over 99% through the pandemic. We achieved a healthy gross leasing of 1.5 million sq. ft. during this quarter and diversified our tenant mix by signing up with a data centre tenant at our Mindspace Airoli (West) park. Growth in demand for technology services has helped earnings and hiring of IT companies rise during the pandemic and we expect this trajectory to continue in the long-term. We also see a growing need to return back to offices as soon as the situation improves and as offices continue to be preferred places to work, providing an inclusive environment for employees to ideate, collaborate and optimize output. These are expected to lead to renewed demand for Grade A commercial real estate. We continue to invest in enhancements of our Parks and maintenance of high standards of health and safety so as to keep our parks ready for our tenants when they return to their workplace. We have seamlessly integrated sustainable social, environmental, and governance practices into our developments and operations. Partnering with the governments and other institutions to support their efforts to mitigate the impact of pandemic continues to be one of our key focus areas.”