Mindspace REIT Aims for 50% NOI Growth with Expansion Plans

Mindspace Business Parks Real Estate Investment Trust (REIT) is targeting a 50% increase in its net operating income (NOI) over the next three to four years, according to Chief Financial Officer Preeti Chheda. The projected growth is attributed to a strategic expansion program that will see an investment of over Rs 4,200 crore for an additional 8 million square feet of development.

Currently, the REIT reports a NOI of Rs 2,000 crore. Chheda adds that the company, which has just completed five years since its stock exchange listing, holds a portfolio consisting of 30 million sq ft, with an additional 3.5-4 million sq ft under construction. Additional plans include 4 million sq ft pending regulatory approvals, with new project construction expected to commence in the following 12-18 months.

According to Managing Director and Chief Executive Ramesh Nair, the trust remains resilient against global trade shifts and the rise of artificial intelligence due to its cost-effective value proposition. With a major share of its NOI increasingly contributed by Indian corporates and strong interest from multinationals operating in tech sectors, the REIT continues to thrive on Indian soil.

(With inputs from agencies.)