BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Mindspace Business Parks real estate investment trust delivered a resilient performance in FY21 in a Covid-19 impacted year with a net operating income growth of 12% and H2 FY21 net distributable cash flow distribution of Rs 9.6/unit.
In spite of Covid-19 headwinds which led to FY21 occupancies declining by 300-500 basis points in key assets, the REIT achieved 99% collection efficiency in office rentals and achieved gross leasing of 3.5 million square feet with an average re-leasing spread of 19.1%.
Owing to the second Covid-19 wave in India, the Mindspace Business Parks manager expects muted leasing activity for another two to three quarters with a possible revival in H2 FY22E, which is in line with our sector view.
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