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Published on 16/05/2022 12:51:15 PM | Source: JM Financial Services Ltd

India Real Estate Update - Mindspace Business Parks REIT announces results for 4QFY22 and FY22 By JM Financial Services

Posted in Broking Firm Views - Sector Report| #Real Estate Sector #Sector Report

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HIGHLIGHTS

Macrotech announces US$1bn Green Digital Infrastructure Partnership with lvanhoe Cambridge and Bain Capital

Mindspace Business Parks REIT announces results for 4QFY22 and FY22

Brigade Enterprises reports highest ever pre-sales

Bain Capital invests INR 13.3bn in TARC Limited

Credberg to invest over INR 10bn in Indian income-producing assets

WeWork India leases 0.66msf space from Bhutani Group in Noida

Embassy Office Parks REIT launches two office towers in Pune

CRISIL believes housing demand to stay firm in spite of rising prices and interest rates

Registry of plots below 180 sq yards to begin soon in Gurgaon

We highlight this week’s top real estate news:

* Macrotech announces US$1bn Green Digital Infrastructure Partnership with lvanhoe Cambridge and Bain Capital: Macrotech Developers (Lodha) announced a partnership with Bain Capital and Ivanhoe Cambridge to develop a next-generation green digital infrastructure platform. The platform will establish a pan-India presence in the digital infrastructure space that includes logistics and light industrial parks as well as in-city fulfilment centres. The platform will jointly invest US$1bn to create 30msf of operating assets to serve India's digital economy. Each of the 3 partners will have a 33% equity interest in the property ownership, whilst Lodha will lead the development, operations and management of the assets. The first project is a 110-acre logistics and industrial park development at Palava, an established location for digital infrastructure in Mumbai. Additionally, the platform has already started looking at the pan-India acquisitions of land and developed/ underdevelopment projects in these asset classes. (Source)

JM View: This platform has been talked about in the concalls and was in the works for some time. It allows Macrotech an alternative stream to monetize land assets and also provides growth capital to acquire new projects under a partnership.

* Mindspace Business Parks REIT announces results for 4QFY22 and FY22: Mindspace declared distributions of INR 2,734 mn / INR 4.61 p.u., with over 93.3% being taxexempt. The company’s revenue came in at INR 4,666mn (+9% YoY; +6% QoQ) while Reported Net Operating Income was INR 3,960mn (+11% YoY; +7% QoQ). Gross leasing in 4QFY22 stood at 0.72msf (4.54msf in FY22; 0.21msf of re-leasing + 0.34msf of new area leased + 0.17msf of vacant area being leased up), with an average rent of INR 63 psf/month. Out of the 0.72msf leased, (c.74% of was done to existing tenants) and achieved Re-leasing spread of 5.7% on 0.4msf of area (10 tenants) + 0.34msf of new area leased. Committed Occupancy remained broadly stable at 84.3% (84.6% in Dec’21) while actual occupancies inched upwards to 82.2% (82.0% in 3QFY22). Airoli West actual occupancies declined to 57.4% (60.1% in 3QFY22) while Commerzone Kharadi increased to 97.3% (95.0%) and Airoli East to 86.3% (85.8%). Madhapur moderated slightly to 88.4% (89.6%). In FY23 / FY24 / FY25 area of 1.1msf / 0.9msf / 1.1msf is expiring and each contributing c.4-5% of annual portfolio rentals. (Source)

* Brigade Enterprises reports highest ever pre-sales: Brigade Enterprises has reported a net consolidated loss of INR 116.3mn in 4QFY22. It had recorded a profit of INR 195.8mn in 3QFY22. The company's total revenue stood at INR 9,647mn in 4QFY22, a growth of 18% YoY from INR 8,209mn in 4QFY21. The company also achieved its highest ever pre-sales of 4.7msf with sale value of INR 30,227mn in FY22, an increase of 9% from FY21. It has a strong pipeline of upcoming projects of 8.3msf with key projects in Bengaluru and Hyderabad. (Source)

 

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