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ICICI Direct Report
Mindspace Business Parks REIT owns a quality office portfolio located in four key office markets of India. The portfolio has a total leasable area of 29.5 million square feet (msf) and is one of the largest Grade-A office portfolios in India (Source: C&W Report). The portfolio comprises 23.0 msf of completed area, 2.8 msf of under construction area and 3.6 msf of future development area, as of March 31, 2020.
The trust intends to use a combination of rent commencement from leased out space, which is contracted and has not generated rental income for the full year, contractual rent escalations, lease-up of vacant area, re-leasing at market rents and oncampus development of existing business parks to continue the growth of the portfolio. The portfolio’s net operating income is projected to grow 59.2% over the projection period (FY23 over FY20), primarily due to these factors.
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