Mindspace Business Parks REIT posts profit of Rs 140 crore in Q3 FY21

NEW DELHI: Mindspace Business Parks REIT has reported net consolidated profit of Rs 140 crore during the third quarter of the FY21, the company said in a BSE filing. The company’s net consolidated income stood at Rs 431.60 crore during the said quarter.

The Governing Board of K Raheja Corp Investment Managers LLP, Manager to Mindspace REIT declared a distribution of Rs 283.50 crore or Rs 4.78 per unit for Q3 FY2021. The record date for the distribution is 18 February 2021, payment of the distribution shall be processed on or before 25 February 2021.

It raised Rs 200 crore via NCDs at 6.45% p.a.p.q. It also availed Rs 555 crore Lease Rental Discounting Loan as Green Loan at SPV level. It witnessed gross leasing of 1 million sq ft, with an average rent of Rs 60 per sq ft per month in Q3 FY21.

Weighted average cost of debt reduced from 8.1% in September 2020 to 7.3% in December 2020 on p.a.p.m. basis.

During the quarter ended December 31, 2020, a total amount of Rs 13.40 crore (including a sum of Rs 5 crore incurred during the quarter and Rs 11.10 crore incurred for the period from August 1 to December 31, 2020) has been transferred from investment property under construction to finance lease receivable pursuant to lease commencement of fit outs.