Mindspace distributes Rs 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 Rs 2,852 million or Rs 4.81 per unit for Q4 FY2021 at its meeting held on May 14.

According to a press release, the distribution comprises 92.3 pc dividend (Rs 4.44 p.u.) and 7.7 pc in the form of interest (Rs 0.37 p.u.). The record date for the distribution is May 21 and the payment of the distribution will be processed on or before May 28.

The following is the performance Update for Q4 FY2021

• Leased c.0.63 msf to one of Asia’s leading data centre operators at Mindspace, Airoli West
• Portfolio size has now increased from 29.5 msf to 30.2 msf
• Completed area constitutes over 92% of the Portfolio value
• Continued to collect over 99% of Gross Contracted Rentals
• Committed Occupancy of 84.2%
• Same Store Committed Occupancy of 86.8%

Speaking on the results, 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 pc through the pandemic.”