Mindspace REIT Valued at About INR 465 bn, Showcasing Asset Base

Mindspace REIT is valued at ≈ INR 465 bn with a high‑occupancy, low‑leverage portfolio and a sizable development pipeline that could add INR 30‑35 bn of value.

• Portfolio value & occupancy: Total market value stands at ≈ INR 465 bn; operational assets are ≈ 96 % occupied, delivering stable NOI from long‑term leases.
• Capital structure: Debt is targeted at 35 % (vs. the SEBI REIT cap of 49 %), giving the REIT headroom for future acquisitions or refinancing.
• Development upside: About 5 Mn sq ft of under‑construction space slated for FY27‑FY28 is expected to be leased at market rents, potentially boosting the asset base by INR 30‑35 bn.
• Valuation assumptions: Cap rates of 7.5 % – 8.5 % and WACC of 11.75 % (completed assets) to 13.0 % (development) underpin the valuation; a 100 bps rise in cap rates would trim values by roughly 1‑2 %.

Risks include interest‑rate volatility, construction delays, and rent‑rate compression, but the REIT’s disciplined leverage and strong tenant mix mitigate these concerns.