Mindspace Business Parks REIT543217Real estate investment

Mindspace Business Parks REIT reported a strong Q2 with 30% revenue growth and 32% NOI growth, with management discussing debt strategy, diversification into data centers and hotels, and DPU outlook

By ScoutQuest · Tue 3 Nov 2026, 1:37 PM IST · 1 min read

Heard on business television between 13:46:37 - 13:49:37 IST.

Ramesh Nair, MD and CEO, said revenue grew 30% and NOI grew 32%, with like-to-like NOI growth at 17%, the rest coming from acquisitions including the JPMorgan and Goldman Sachs building assets.
Occupancy hit highest-ever level of 96.1%, leasing momentum strong with 1.6 million sq ft leased in Chennai and rentals crossing 90 rupees; 1.9 million sq ft of new development added.
On rising rates, cost of borrowing was kept at 7.42% versus NCDs now costing 8%+ (from 7.1% in Dec 2025); company is diversifying funding via bank borrowings at REIT level, shorter tenor debt, and floating rate bonds.
On FY27 lease expiries of 2.3 million sq ft with 1.5 million expected to exit, Nair said mark-to-market releasing gave a 24% benefit last quarter, so no major worry.
Company has 1.7 million sq ft across five data centers in Navi Mumbai (two operational, three coming in March, July, December 2026) and five hotels in the pipeline, which along with clubs and F&B could form 8-10% of the portfolio eventually.
DPU growth was over 14% this quarter, following 20%, 16% and 18% growth in prior three quarters; management is confident of sustaining double-digit DPU growth.

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