India's Mindspace REIT to see boost from global captives, while IT drags, Ambit says

Mindspace Business Parks REIT

15/03/2024 10:26

** Leasing demand from global captives to continue for
India's Mindspace Business Parks REIT  MINS.NS  while that from
IT likely to be sluggish for two years, says brokerage Ambit
Capital 
    ** MINS closed up 0.8% 
    ** Adds occupancy in projects in non-Special Economic Zones
(SEZ) has reached pre-Covid levels, SEZ vacancies near Mumbai
expected to be leased in upto 2.5 years 
    ** Co committed to secure tenants at earliest opportunity
even at a discount leasing of 2 rupees-3 rupees per square feet
- note
    ** Organic rev generation potential ranging between 6 bln
rupees ($72.4 million) to 7 bln rupees expected in next 3-4
years - note 
    ** Among real estate investment trusts, average analyst
rating on MINS, rival Embassy Office Parks  EMBA.NS  is "buy"
while Brookfield India  BROF.NS  is "strong buy" - LSEG data
    ** YTD MINS up 5.4%, BROF gains 4.2% while EMBA jumps ~22%


($1 = 82.8655 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))