Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Investor Day (November 2024)
46 slides from Mindspace Business Parks Reit's investor day presentation, November 2024
Slide 1: Analyst & Investor Day November 2024
Analyst & Investor Day November 2024
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: K Raheja Corp Sponsor
01 K Raheja Corp Sponsor mindspacereit.com 3
Slide 4: K Raheja Corp Group – Strong foothold across all verticals of real estate
K Raheja Corp Group – Strong foothold across all verticals of real estate & expanding presence across retail formats Office Hospitality Malls Residential Retail c. 55 msf Portfolio(1) 4,500+ Keys(2) 7 shopping Centers(3) 18+ msf(4) 280 retail stores Poised to be one of Positioned for next phase Mark
Slide 5: 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 illustration Planned Delivery of c.6-7
Slide 6: Commercial: Delivered steady growth across key office markets
Commercial : Delivered steady growth across 4 key office markets Portfolio Growth (Cumulative estimated completions) Building one of the largest office portfolios in India 2024 2029 Pune Hyderabad 55 (1) c. msf est. completion 2029 4.5 11.4 12.9 17.8 msf msf msf msf c. 34 msf Mumbai Chennai & comple
Slide 7: Hospitality: Portfolio
Hospitality : Portfolio High end, globally recognized branded hotels Strategically located in right markets 13 (2) c.4,100 (1)(2) Hotels Hotel keys Actively managed hospitality portfolio NCR (Delhi, Faridabad) Focus on LEISURE Hotels (Aravali/Dukes Lonavala) 7 Cities Trusted partner of Hotel Brands
Slide 8: Hospitality Business
Hospitality Business Hotels Keys Brands 10 3 3,052 1,040 10 2 Operational Pipeline Operational Pipeline In Existing assets Pipeline assets FY19 FY24 FY28E No of Hotels 6 67% 10 30% 13 No of Keys 2,311 32% 3,052 34% ~4,100 0.9 msf 1.7x 2.4 msf 38% ~3.3 msf Rental assets1 3 Cities 4 Cities 7 Cities Lo
Slide 9: Malls: Entering the next phase of expansion
Malls : Entering the next phase of expansion 7 malls (1) Next phase of Growth 500+ Brand Relationships through brownfield 38 Mn Annual Footfall acquisitions & greenfield 5.5 msf Leasable Area projects (1) c. 2.2 msf (2) Focus on creating Completed High End Malls with c. 3.3 msf (2) Vadodara prominen
Slide 10: Expansion of the Malls portfolio
Expansion of the Malls portfolio Perspective Hubbali c. 0.46 msf Leasable Area Perspective Vishakhapatnam c. 1.4 (1) msf Leasable Area (1) Includes Part Office 10
Slide 11: Residential: The Growth Phase
Residential : The Growth Phase Expertise in building luxurious, self-contained residential spaces Steady expansion of the portfolio across Mumbai Focus on Premium Luxury offerings High quality infrastructure, landscaping and open spaces Residential growth supported by rise in demand & prices Market
Slide 12: Sponsor Assets
02 Sponsor Assets mindspacereit.com 12
Slide 13: Commercial Portfolio Overview
Commercial Portfolio Overview Opportunity to create a significant footprint c. 34 msf Building in 4 out of 6 key markets (1),(2) Total Completed Area c. 21 msf (1),(2) Area Under Development Developments on an institutional scale Building additional c. 20(3) msf 55 msf (1),(2) c. Strategic partnersh
Slide 14: Transforming office spaces by redefining the cumulative experience
Transforming office spaces by redefining the cumulative experience Altimus - Worli mindspacereit.com 14
Slide 15: Altimus, Worli, Mumbai
Altimus, Worli, Mumbai Rediscovering Worli as Central Business District Altimus built In Marquee Occupants Partnership with GIC Singapore Morgan Stanley c. 1.4 msf Now achieving IGBC Platinum(1) Julius Bär Leasable Area 400 psf rent certified Barclays KKR 100% Green Energy TPG Blackrock Awarded ‘Com
Slide 16: Ascent, Worli, Mumbai
Ascent, Worli, Mumbai Located in Worli, the new establishment for CBD c. 450 ksf Leasable Area Anchor Tenant signed mindspacereit.com 16
Slide 17: Commercial Development, Worli, Mumbai
Commercial Development, Worli, Mumbai ~ 450 (1)(2) ksf Leasable Area Sits afront the main road with close proximity to the Worli Sea Link View from Current Building KRC’s Share 50% Perspective(2) Estimated Completion in 2029 (1) m Represents ind s p a c e r e i t . c100% om of the project area 17 (2
Slide 18: The Square 98, BKC Annexe, Mumbai
The Square 98, BKC Annexe, Mumbai c. 0.16 msf Leasable Area Perspective Post planned renovation(1) Actual Image Leased to JP Morgan mindspacereit.com 18 (1) Subject to finalization of design and approvals
Slide 19: Mindspace Juinagar, Navi Mumbai
Mindspace Juinagar, Navi Mumbai Perspective(3) c. 3.1 (1) (3) msf Total Leasable Area (Office + DC) Includes c. 0.9 (2) (3) msf Data Centres Signed with Hyper scaler c. 2.4 msf(3) Residential potential m(1) i n dIncludes s p a c e r eCompleted, it.com Under construction and Future Development 19 (2)
Slide 20: Commerzone Raidurg, Hyderabad
Commerzone Raidurg, Hyderabad c. 2.8 msf Campus c. 1.8 msf KRC Area Leased to Qualcomm Qualcomm’s largest campus in India mindspacereit.com 20 (1) Above Areas are Leasable Areas
Slide 21: Composite Development, Raidurg, Hyderabad
Composite Development, Raidurg, Hyderabad Perspective (2) c. 0.5 msf c. 4.1 (2) msf Mixed used Asset c. 3.2 msf (2) Commercial c. 0.9 msf (2) Retail Raidurg (Tower 1 Completed & Leased) 50% Joint venture mindspacereit.com 21 (1) Above Areas are Leasable Areas (2) Subject to finalization of design an
Slide 22: Commerzone Pallikaranai, Chennai
Commerzone Pallikaranai, Chennai Perspective c. 2.5 msf Campus (1) Actual c. 0.7 msf Leased to Shell (1)mAn i n dSPV s p a of c e rKeRaheja i t . c o m Corp owns 2.1 msf share in the campus of which 0.3 msf is under documentation and balance is owned by landlord 22 (2) Above Areas are Leasable Areas
Slide 23: IT Park, Baner Pune
IT Park(1), Baner Pune Perspective Actual Images c. 0.5 msf Leasable Area Conveniently Accessible from Mumbai Pune Expressway IGBC Platinum(2) Certified Estimated Completion in Q4FY25 m1. i nAn d s pSPV a c e rof e i tKRC . c o m owns 0.37msf of the project and balance owned by Land Owner 23 2. Pre-
Slide 24: Kharadi, Pune
Kharadi, Pune 1.9 Perspective (3) ~ msf Campus(1) Perspective (1) m An ind s pSPV a c eof r eK i t Raheja . c o m Corp to own c. 1.3 msf of the leasable area, balance by land Owner; Documentation in progress 24 (2) Above Areas are Leasable Areas (3) Subject to finalization of design and approvals
Slide 25: Baner, Pune
Baner, Pune Perspective (3) Establishing presence in western quadrant of Pune c. 3.0 msf Campus(1) m (1) i n d An s p aSPV c e rof e i tK. cRaheja om Corp to own c. 2.1 msf of leasable area, balance by land Owner; Documentation in progress 25 (2) Above Areas are Leasable Areas (3) Subject to finaliz
Slide 26: Balewadi, Pune
Balewadi, Pune Construction at site Located in the prime location of Balewadi c. 2.3 msf Campus(1) Perspective (3) Estimated Completion FY28 m(1) i n dAn s p aSPV c e r eof itK . c Raheja om Corp owns c. 1.7 msf of leasable area, balance is owned by landlord 26 (2) Above Areas are Leasable Areas (3)
Slide 27: Cignus, Powai, Mumbai
Cignus, Powai, Mumbai 1.8 Actual image (Tower 1) (1) c. msf Commercial Asset Perspective (Tower 2) c. 0.9 msf Tower 1 Completed Leasing Commenced c. 0.9 msf Tower 2 Completion : FY27 mindspacereit.com 27 (1) Includes Pipeline of c. 0.9 msf (2) Above Areas are Leasable Areas
Slide 28: Cignus, Whitefield Bangalore
Cignus, Whitefield Bangalore c. 1.0 msf Leasable Area KRC foray into Bangalore office market with a prime asset in Whitefield Part of Mixed use asset (Includes Marriott Whitefield) mindspacereit.com 28
Slide 29: Office Market
03 Office Market mindspacereit.com 29
Slide 30: Office Growth Drivers in India
Office Growth Drivers in India Favorable Structural Trends GCC Growing Return to landscape Domestics Office Talent Cost Advantage c. 34% c. 45% 75% - 85% Talent Pool Availability % contribution of GCCs in office % share in overall gross leasing Physical Occupancy in space transactions in 9M India of
Slide 31: Mumbai – Infrastructure Upgrade to Drive Demand
Mumbai –Infrastructure Upgrade to Drive Demand CURRENT Map not to scale Mumbai continues to solidify its position as “Financial Capital of Rail Network (Across Mumbai) India” Major B u s Stands (Across Mumbai) Mumbai Metro (Line 1: Versova - Ghatkopar) Monorail (Jacob Circle - Chembur) B K C - Chuna
Slide 32: Hyderabad – Growth Drivers
Hyderabad – Growth Drivers Durgam CableCheruvu Bridge Cable Bridge 9.1 Lakh 2nd 230+ Tech workforce in Highest absorption in last 5 GCCs in Hyderabad(1) Telangana driven by years across India(2) Hyderabad(1) (c.1.5 msf behind Bengaluru) Progressive government policies Home to marquee occupiers Of th
Slide 33: Pune – Growth Drivers
Pune – Growth Drivers T-Hub 2.0, the world’s largest technology incubator (1) ~5.1 msf 85% c. 6% Avg. annual Gross SBD East(2) & West (3) Low Vacancy in Leasing since CY 2019 (1) combined share of net Eastern and Western absorption since CY Quadrant 2019(1) Ranked amongst top 3 in terms of overall q
Slide 34: Chennai – Growth Drivers
Chennai – Growth Drivers Chennai T-Hub 2.0, the world’s largest Airport technology incubator (1) ~6.2 msf 68% c. 7% Avg. annual Gross South-West(2) & SBD Low Vacancy in South- Leasing since CY 2019 (1) OMR(3) combined share West(2) & SBD OMR(3) of gross absorption since CY 2019(1) Porur is in South
Slide 35: Mindspace REIT
04 Mindspace REIT mindspacereit.com 35
Slide 36: Delivered Sustained Growth & Performance since listing
Delivered Sustained Growth & Performance since listing Accelerating 5.2 msf Occupancy Portfolio 14.0% expansion growth 91.7% (1) Annualized Committed Total Strategic Asset Expansion Occupancy ~₹ 30 Bn Return(3) Capex Distributed Invested 6.7% Operational Excellence ₹ 45.4 CAGR In-Place Bn(2) 11.6 %
Slide 37: Yield coupled with healthy Growth
Achieved Organic value enhancement in the Portfolio since listing Yield coupled with healthy Growth Redevelopment net c. 2.2 msf 29.5 c. 5.2 msf 34.7 c. msf Msf (1) IPO 2020 Sep 2024 FSI Utilisation and Data Center Acquisition 1.7 msf (3) 1.0 msf c. 18% Increase in footprint since listing (1) m i nI
Slide 38: Organic NOI Growth potential of around INR 9-10 Bn over next 4 years
Organic NOI Growth potential of around INR c. 9-10 Bn over next 4 years c. 2.1 msf Vacant Area Leasing c. INR c. 8.3 msf (2) Under Development 9-10 Contractual escalations Bn (1) MTM Growth in Rentals mindspacereit.com 38 (1) Based on average current market rent estimates; May undergo changes as per
Slide 39: 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” Constant Upgrades f
Slide 40: Data Centers adding value to the Portfolio
Data Centers adding value to the Portfolio Only REIT with Datacenters Future Development 3 DCs 1.05 msf Long Term leases with c. INR 11 Bn Leased in Q2 FY25 longer Lock-ins Gross Value(1) Completed One completed Second under construction U/Construction Portfolio shall have 5 DCs with c.1.7 msf footp
Slide 41: 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 42: Sponsor Perspective
05 Sponsor Perspective mindspacereit.com 42
Slide 43: Long term commitment to scale up the REIT
Long term commitment to scale up the REIT Long term commitment across all listed vehicles – Shoppers Stop, Chalet, Mindspace REIT 1 Alignment of interest with minority shareholders 2 Growth Pipeline available to Mindspace REIT(1) 3 Mindspace REIT to be the Core asset vehicle REITs present a long-ter
Slide 44: Q&A
Q&A
Slide 45: K Raheja Corp Group
K Raheja Corp Group BUILDING INDIA'S FUTURE ACROSS SECTORS COMMERCIAL oe Our commercial verticals power business conglomerates to achieve their vision, oO © PACE .- oz S Q ® BUSINESS REARICE ” — a THE SQUARE ASCENT ALTIMUS RESIDENTIAL From premium homes to bespoke residences, we offer te finest ving
Slide 46: Thank You
Thank You
Mindspace Business Parks REIT — Investor Day (November 2024) on 6ix