Mindspace REIT reported a 16% increase in Q3 profits to Rs 147 crore and a Rs 285 crore payout to unitholders

Mindspace REIT reported a 16% increase in Q3 profits to Rs 147 crore and a Rs 285 crore payout to unitholders

According to a regulatory filing, total revenue increased from Rs 560.4 crore in the same fiscal year to Rs 610.8 crore during the October–December period this year.

In August 2020, Mindspace Business Park REIT, supported by K Raheja Corp Group, went public on stock markets.

On Monday, Mindspace Business Park REIT revealed a distribution of Rs 285 crore to unitholders, mostly in the form of dividends, and recorded a 16 per cent increase in its consolidated net profit to Rs 146.8 crore for the most recent December quarter. It made a net profit of Rs 126.5 crore during the same time last year. It made a net profit of Rs 126.5 crore during the same time last year.

According to a regulatory filing, total revenue increased from Rs 560.4 crore in the same fiscal year to Rs 610.8 crore during the October–December period this year. Additionally, the business declared a distribution of Rs 4.80 per unit, or Rs 284.6 crore, which comprises additional dividends of Rs 0.01 per unit, interest of Rs 0.50 per unit, or Rs 29.7 crore, and a dividend of Rs 4.29 per unit, or Rs 254.4 crore. Included in income is Rs 60 lakh in total.

Additionally, the business declared a distribution of Rs 4.80 per unit, or Rs 284.6 crore, which comprises additional dividends of Rs 0.01 per unit, interest of Rs 0.50 per unit, or Rs 29.7 crore, and a dividend of Rs 4.29 per unit, or Rs 254.4 crore. Included in income is Rs 60 lakh in total. The proposed acquisition and term sheet pertaining to the purchase of certain units at Commerzone Yerwada Park with a leasable area of 42,000 square feet were authorized by the board of directors of K Raheja Corp Investment Managers Pvt Ltd, for the proprietor of Mindspace Business Park REIT. For Rs 41 crore, Mindspace Business Park, some of Mindspace REIT's asset SPVs, purchased Yerwada, Samrat Ashok Path, Off Airport Road, Pune.

The board further authorized "the process of disinvestment with roughly 26 acres of land at Mindspace Pocharam located at Pocharam village in Ghatkesar mandal areas of Ranga Reddy district of Telangana along with the initiative respecting the structures existing thereon and any associated matters." A comprehensive plan will be presented to the board for consideration after the procedure, according to the filing. In August 2020, Mindspace Business Park REIT, supported by K Raheja Corp Group, went public on stock markets.

Its portfolio includes offices in Chennai, Hyderabad, Pune, and the Mumbai area. The portfolio's total leasable space surpasses 32 million square feet. In August 2020, Mindspace Business Park REIT, supported by K Raheja Corp Group, went public on stock markets.