Mindspace REIT Secures Prestigious Title of 'Global Listed Sector Leader – Office Development Benchmark' from GRESB, for the 2nd Consecutive Year
REIT outperforms GRESB and Peer Average Scores for both Office Development and Standing Investment Benchmarks; scores 99/100 and 91/100 respectively
Receives GRESB 5 Star Rating for the 3rd Consecutive Year
MUMBAI, India, Oct. 29, 2024 /PRNewswire/ — Mindspace Business Parks REIT (BSE: 543217) (NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio, receives the coveted title of ‘Global Listed Sector Leader – Office Development Benchmark’ from GRESB, for the 2nd consecutive year. The REIT surpassed GRESB and peer average scores, achieving 99/100 in the Office Development Benchmark and 91/100 in the Standing Investment Benchmark.
Driven by Mindspace REIT’s strong commitment to ESG integration, the REIT secured a Green Star and 5-Star rating for the 3rd year in a row, marking a significant milestone in its performance growth. It also achieved a flawless 70/70 in the performance component of the Office Development Benchmark, earning 3rd place in Asia in the Listed Category. In the Standing Investment Benchmark, Mindspace REIT ranked 3rd among Indian real estate peers, reinforcing the excellence of its expansive 33.6 million sq. ft. Grade A portfolio.
Mr. Ramesh Nair, CEO, Mindspace REIT, said, “We are happy to have received the title of ‘Global Listed Sector Leader – Office Development Benchmark.’ Our rankings are a testament to the dedication of our teams and stakeholders. At Mindspace REIT, sustainability is at the core of our strategy, and this recognition strengthens our commitment to not only meet but exceed industry benchmarks. Our 5-Star Rating and top scores in GRESB affirm that we are on the right path in integrating environmental, social, and governance principles into every facet of our operations. This accomplishment reflects our dedication to building a resilient, sustainable future for our stakeholders and the communities we serve.”
This accomplishment reflects the unified dedication across all teams, with a clear focus on upholding Mindspace REIT’s core ESG principles. The REIT has strategically outperformed its peers in key GRESB categories, including ESG Objective Setting, Policy Frameworks, ESG Reporting, Environmental Management Systems, and Stakeholder Engagement. Moreover, Mindspace REIT has surpassed the GRESB average across all three critical performance pillars viz. Standing Investments, Management, and Development Benchmarks, spotlighting its strong leadership in advancing sustainable real estate practices and setting new standards in ESG performance within the industry.
GRESB is an independent organization providing validated ESG performance data and peer benchmarks for investors and managers to improve business intelligence, industry engagement and decision-making. Today, over 95% of investors use ESG data in their decision-making, and the GRESB data is currently being used by over 150 institutional and financial investors and as well as 3,000 fund, companies, and asset operators.
About GRESB:
GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social, and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 150 institutional and financial investors to inform decision-making. For more information, visit GRESB.com.
About Mindspace Business Parks REIT
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade-A office portfolios in India. The portfolio has a total leasable area of 33.6 msf comprising of 26.3 msf of completed area, 4.4 msf of area under construction and 2.8 msf of future development. The portfolio consists of 5 integrated business parks and 5 quality independent office assets with superior infrastructure and amenities. It has a diversified and high-quality tenant base, with over 225 tenants as of June 30, 2024. Most of the buildings in the portfolio are either Gold or Platinum Green Building Certified (IGBC/LEED). The assets provide a community-based ecosystem and have been developed to meet the evolving standards of tenants, and the demands of ‘new age businesses’, making it amongst the preferred options for both multinational and domestic corporations. To know more visit www.mindspacereit.com
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