Mindspace Business Parks REIT
MINDSPACE-RR.NS
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- Mindspace Business Parks REIT (NSE: MINDSPACE-RR.NS) is an Indian real estate investment trust sponsored by K Raheja Corp Group that owns, operates, and invests in a portfolio of premium Grade-A office properties and business parks focused on rental income generation. The REIT's assets include integrated business campuses and independent office buildings with advanced infrastructure, amenities, and green certifications such as Gold or Platinum IGBC/LEED, encompassing a total leasable area of approximately 38.2 million square feet as of September 30, 2025, comprising 31.0 million square feet of completed area across 12 office parks and 61 buildings, plus 7.2 million square feet under construction or planned for future development; key properties feature Mindspace Airoli East and West, Paradigm Mindspace Malad, The Square Avenue 61 in Mumbai's BKC, Mindspace Madhapur and Pocharam, Commerzone Raidurg, The Square 110 Financial District in Hyderabad, Commerzone Yerawada, The Square Signature Business Chambers and Gera Commerzone Kharadi in Pune, and Commerzone Porur in Chennai. It serves over 270 tenants, including multinational corporations contributing 73.9% of gross contracted rents, with committed occupancy at 93.8% (94.6% excluding certain assets), a weighted average lease expiry of 7.4 years, and operations concentrated in India's prime office markets of Mumbai, Hyderabad, Pune, and Chennai. Founded on November 18, 2019, and headquartered at Raheja Tower, Bandra Kurla Complex, Mumbai, the REIT listed via public issue in 2021 under SEBI REIT Regulations, 2014, and includes a facility management division within its structure. In recent developments, Mindspace REIT announced in late November 2025 the acquisition of premium assets for approximately INR 2,916 crore from K Raheja Corp, including properties from Sundew Real Estate Private Limited (The Square Avenue 98 in Mumbai) and Pramaan Properties Private Limited (Ascent-Worli in Mumbai and an office building in Pune), adding about 0.72 million square feet of leasable area to bolster its CBD presence, cash flows, and tenant base featuring Wall Street anchors; the deal prompted a dedicated conference call on December 1, 2025, marking a strategic expansion amid Q2 FY26 results showing INR 7,778 million in revenue, INR 6,339 million NOI, 0.8 million square feet gross leasing at INR 76 psf average rent, and INR 5.79 per unit distribution.