Have planned capex of about ₹4K crore over next 3-4 years: Mindspace Reit

K Raheja-backed Mindspace Business Parks Reit marked five years of listing on the Indian stock exchanges last month. The trust expects its net operating income (NOI) to rise by ₹900-₹1,000 crore over the next three to four years. With a planned capex of ₹4,000 crore, the Reit aims to expand its portfolio through the redevelopment of older assets and acquisitions from both sponsors and third parties. Ramesh Nair, CEO & MD, and Preeti Chheda, CFO, shared insights on the Reit's growth strategy in a video interview with Prachi Pisal. Edited excerpts:

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How has the journey been over the last five years?

Ramesh Nair: If an investor had invested in August 2020, exactly five years ago, they would have earned an annualised return of 14.8 per cent. In today's volatile world, that's an excellent performance. Our revenues have grown from ₹1,629 crore in FY21 to ₹2,563 crore in FY25, while net operating income (NOI) rose from ₹1,374 crore to ₹2,062 crore. In Q1FY26, our distributions grew 18 per cent. The market has recognised this performance. Our share price has gone up from ₹300 to ₹432. On top of that, we've delivered about 5.8 per cent annualised dividends. It has truly been a strong performance, especially given the difficult years of 2020 and 2021. Market conditions have improved significantly since then.

Your portfolio has 38.1 million sq. ft. (msf) of leasable area. How are you planning to expand it?