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Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Pvt Ltd, Manager to Mindspace REIT said, We had a record quarter, leasing 2 million square feet, making this our top-performing quarter since going public.
The REITs net operating income grew 9.3% from a year ago during the fourth quarter to Rs 477 crore and 11.9% to Rs 1,896 crore for 2023-24. “We had a record quarter, leasing 2 million sq ft, making this our top-performing quarter since going public. Our committed occupancy now stands at 90.6%,” said Ramesh Nair, CEO, K Raheja Corp Investment Managers, Manager to Mindspace REIT.
Mindspace Business Parks REIT: Mindspace REIT's net operating income (NOI) grew 11.9% year-on-year to Rs 1,896 crore in FY24. The board declared distribution of Rs 4.77 per unit aggregating to Rs 282.90 crore.
Bharatiya Janata Party was the biggest beneficiary with over Rs 314 crore in donations, India National Congress received about Rs 98 crore. BRS got over Rs 90 crore and TMC received Rs 41 crore.
The REIT office supply has increased by 3.3 times in the last five years to ~82 million sq ft across the top seven cities i.e. Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai and Pune in India.