Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Non-Deal Roadshow (February 2025)
35 slides from Mindspace Business Parks Reit's roadshow presentation, February 2025
Slide 1: Investor Presentation
Investor Presentation February 2025
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation (“Presentation”) is made, or by reading the Presentation materials, you agree to be bound by the following limitations: This Presentation (a) is for information purposes only without regards to specific objectives, financial situations or n
Slide 3: Here Today – Management Team
Here Today – Management Team Ramesh Nair Preeti Chheda Govardhan Gedela Head – Chief Executive Officer Chief Financial Officer Corporate Finance Experience Experience Experience • 26 years experience in Commercial • 23+ years experience including 17 • 15+ years experience including 10 Real Estate ye
Slide 4: Sponsor Pedigree
Sponsor Pedigree mindspacereit.com 4
Slide 5: K Raheja Corp Group – Strong foothold across all verticals of real estate
K Raheja Corp Group – Strong foothold across all verticals of real estate Experience of operating 3 listed entities Shoppers Stop, Chalet Hotels & Mindspace REIT with a cumulative Mcap of US$ c.5.7 Bn Office Hospitality Malls Residential Retail c. 55 msf Portfolio(1) 4,500+ Keys(2) 7 shopping Center
Slide 6: What is driving the business model
What is driving the business model Proven Execution Capabilities Partnerships with leading institutional investors Created best-in class products Institutional Partnerships to accelerate across asset classes. ALTIMUS being growth of all asset classes the recent addition. Planned Delivery of c.6-7 ms
Slide 7: Group has delivered steady growth across key office markets
Group has Delivered steady growth across 4 key office markets in Commercial assets Portfolio Growth (Cumulative estimated completions) Building one of the largest office portfolios in India 2024 2029 REIT 34.8 msf Pune Hyderabad 55 (1) c. msf est. completion 2029 4.5 11.4 12.9 17.8 msf msf msf msf R
Slide 8: Mindspace REIT
Mindspace REIT mindspacereit.com 8
Slide 9: Mindspace Business Parks REIT Portfolio Overview
Mindspace Business Parks REIT Portfolio Overview One of the largest Grade-A office portfolios in India Current Marquee Large Investors Listed in Aug-2020 Sponsored by Issue on exchanges: BSE K Raheja Corp oversubscribed ~13x Capital Norges ICICI Pru and NSE Group Bank MF 34.8 msf 91.5 % US$ 3.7 Bn U
Slide 10: Managing c.$4 Bn in AUM across Key Office Markets
Managing c.$4 Bn in AUM across 4 Key Office Markets Located strategically in established office micro-markets Mumbai Hyderabad Region 14.4 msf 13.8 msf 34.8 msf Total Leasable Area Presence in Presence in Malad-Goregaon Madhapur and micro-market Navi Mumbai IT Corridor markets Mumbai ` Pune Hyderaba
Slide 11: Five Integrated Business Parks
Five Integrated Business Parks Mindspace Madhapur Mindspace Airoli East Hyderabad | 13.2 msf (1) Mumbai Region | 7.2 msf Completed Area: 9.6 msf; Committed Occupancy: 96.7% Completed Area: 4.9 msf; Committed Occupancy: 78.4% Mindspace Airoli West Gera Commerzone Kharadi Commerzone Yerwada Mumbai Reg
Slide 12: Five Quality Independent Office Assets
Five Quality Independent Office Assets Commerzone Porur Paradigm, Mindspace Malad Chennai | 1.1 msf Mumbai Region | 0.8 msf Completed Area: 1.1 msf; Committed Occupancy: 100.0% Completed Area: 0.8 msf; Committed Occupancy: 98.6% The Square, Nagar Road Mindspace Pocharam The Square, BKC Pune | 0.8 ms
Slide 13: Diversified Portfolio of Marquee Tenants
Diversified Portfolio of Marquee Tenants Top 10 tenants contributing 30.0% (Dec-24) vs. 28.8% (Sep-24) Diversified tenant mix across sectors Top 10 tenants Gross Contracted Rentals contribution (30.0%) (1) % split by Gross Contracted Rentals % of total Gross Contracted Rentals(1) Manufacturing & # o
Slide 14: Eminent and Experienced Board of Directors of the Manager
Eminent and Experienced Board of Directors of the Manager Seven-member board with majority Independent Directors and an Independent Chairman Deepak Ghaisas Manisha Girotra Bobby Parikh Manish Kejriwal Independent Member Independent Member Independent Member Independent Member (Chairman) Experience E
Slide 15: Performance Since Listing
Performance Since Listing mindspacereit.com 15
Slide 16: Delivered Sustained Growth & Performance since listing
Delivered Sustained Growth & Performance since listing Accelerating 5.3 msf Occupancy Portfolio 12.5% expansion growth 91.5% (1) Annualized Committed Total Occupancy Return(3) Strategic Asset Expansion ~US$ 351 Mn Capex Invested Distributed 6.6% Operational Excellence US$ 567 CAGR In-Place Mn(2) 11
Slide 17: Yield coupled with healthy Growth
Achieved Organic value enhancement in the Portfolio since listing Yield coupled with healthy Growth Redevelopment net addition of c. 2.2 msf 29.5 c. 5.3 msf 34.8 c. msf Msf (1) IPO 2020 Dec 2024 FSI Utilisation and Data Center Acquisition 1.7 msf (3) 1.0 msf c. 18% Increase in footprint since listin
Slide 18: How have we created value through Strategic Initiatives
How have we created value through Strategic Initiatives Mixed Use Hospitality like Re-energised Parks Data Centers Ecosystems Experience Average age of the Portfolio – c. 10 years 3 Hotels (1) Premium “Clubs” completed / planned in the Portfolio 5 DCs with c.1.7 msf and “Lounges” footprint the new o
Slide 19: Data Centers: Adding value to the Portfolio
Data Centers: Adding value to the Portfolio Only Listed REIT in India with Datacenters in the Portfolio Future Development 3 DCs 1.05 msf Long Term leases with c. US$ 129 Mn Leased in Q2 FY25 longer Lock-ins Gross Value(1) Completed Completed Datacenters Completed Portfolio shall have 5 DCs with c.1
Slide 20: Re-energised Parks: Dynamic Environment, Vibrant Workspaces
Re-energised Parks: Dynamic Environment, Vibrant Workspaces mindspacereit.com 20
Slide 21: Re-energised Parks: Infusing modern design elements to elevate experience
Re-energised Parks: Infusing modern design elements to elevate experience mindspacereit.com 21
Slide 22: Growth Drivers
Growth Drivers mindspacereit.com 22
Slide 23: Office Growth Drivers in India
Office Growth Drivers in India Favorable Structural Trends GCC Growing Return to landscape Domestics Office Talent Cost Advantage c. 36% c. 36% 75% - 85% Talent Pool Availability % contribution of GCCs in office % share in overall gross leasing Physical Occupancy in space transactions in CY2024(1) I
Slide 24: Organic NOI Growth potential of around US$ c. 100-120 Mn over next 4 years
Organic NOI Growth potential of around US$ c. 100-120 Mn over next 4 years c. 2.1 msf Vacant Area Leasing c. 8.0 msf (2) c. US$ Contractual Under 100-120 escalations Mn (1) Development MTM Growth in Rentals 24 (1) Based on average current market rent estimates; May undergo changes as per market cond
Slide 25: c.8.0 msf of Assets under Development slated for delivery in next 3-4 years
c.8.0 msf of Assets under Development slated for delivery in next 3-4 years Pune Mumbai Region Hyderabad Re-developments Commerzone Kharadi Pune Mindspace Airoli East Mindspace Madhapur Mindspace Madhapur Mindspace Madhapur Building 4 | 1.0 msf Highsreet | 0.07 msf Experience Center | 0.13 msf Build
Slide 26: Organic + Inorganic = Portfolio Growth
Organic + INORGANIC = Portfolio Growth Acquisitions from 3rd Party Consolidation Sponsor Group Acquisitions within Park Opportunistic Acquiring third party units in the Parks Right of First Offer on Qualifying ▪ Right Markets Sponsor Assets(1) ▪ Acquired 0.5 msf (3) ▪ Good Quality Assets Two assets
Slide 27: Value Creation through Inorganic Growth
Value Creation through Inorganic Growth Consolidating ownership through acquisitions (c.0.5 msf) Commerzone Raidurg, Hyderabad c.100% area leased to Qualcomm c. 0.24 msf c. 1.82 msf (1) A Fortune 500 Leasable area company acquired in Commerzone Porur, Chennai Largest campus of Qualcomm in India c. 4
Slide 28: 9M FY25 Performance
9M FY25 Performance mindspacereit.com 28
Slide 29: 9M FY25: Strong Operational Performance driving Financial Growth
9M FY25: Strong Operational Performance driving Financial Growth 4.9 msf 9M Gross Leasing ; highest leasing in a year (1)(2) 91.5% Healthy Committed Occupancy; c.75% physical occupancy 25.9% Heathy Re-leasing spread contributing to NOI growth US$ 178 Mn Y-o-Y 7.5% NOI growth Y-o-Y (3) US$ 107 MnY-o-
Slide 30: Value Creation via ESG
Value Creation via ESG mindspacereit.com 30
Slide 31: ESG - Key Highlights
ESG - Key Highlights Scope 1+2 emission 32.4% 56,645 Renewable energy mix tCO2e for Q3FY25 (30.4% reduction from FY20 baseline)(2) 12,58,068 KL 61.4% of material(2) Water Recycled(2) sourced using sustainable sourcing US$ 216 Mn (3) US$ 76 Mn of Cumulative Green / Sustainability linked Bond Sustaina
Slide 32: Key Achievements and Awards
Key Achievements and Awards Commitment to Ecological balance, health & safety Mindspace REIT is certified as Great First Real Estate entity Committed to 100% Place to to join the initiative Renewable Power work • Secured position among top 10% in the Real Estate • WELL Health & Safety Investor Equit
Slide 33: Annexures
Annexures mindspacereit.com 33
Slide 34: Structure of Mindspace REIT
Structure of Mindspace REIT Unitholders Investment In Distribution Mindspace REIT Investment Manager Trust Trustee K Raheja Corp Investment Mindspace Business Parks REIT Axis Trustee Services Limited Managers Private Limited(3) SPV: K Raheja SPV: Avocado SPV: SPV: KRC SPV: SPV: Gigaplex IT Park SPV:
Slide 35: Thank You
Thank You
Mindspace Business Parks REIT — Non-Deal Roadshow (February 2025) on 6ix