India,19th October 2023 : Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio, becomes the first Indian Commercial Real Estate entity to be adjudged ‘Global Listed Sector Leader’ in 2023 Global Real Estate Sustainability Benchmark (GRESB) for Office Development Benchmark. The REIT also ranked 1st in Asia, and is placed 1st out of 9 in India, in the ‘Listed Companies Category’ for commercial business development.
The REIT has secured a prestigious 5-Star Rating for the second consecutive year, affirming its leadership by achieving a 100/100 in the Development Benchmark. Moreover, Mindspace REIT impressively scored 91/100 in the Standing Investment Benchmark, ranking 6th among real estate peers across Asia with a 5-star Rating. This distinguished performance has been achieved for the entire 32.1 million square feet, Grade A portfolio.
The ranking gives Mindspace REIT the prestigious ‘Green Star’ status. This outstanding achievement is a testament to collaborative efforts across functions, each emphasising a profound commitment to the entity’s ESG values. Mindspace REIT has outperformed other participants, in several key GRESB components like ESG Objective Setting, Policies, ESG reporting. Environmental Management System and Stakeholder Management. The REIT has also secured a flawless 100% score in both Management and Development benchmarks, while witnessing an impressive 16% year-on-year increase in its performance component rating.
“GRESB Sector Leaders embody the industry’s champions, leading the charge towards a net-zero future and propelling the sector forward. We wholeheartedly commend this year’s Sector Leaders for their dedication, leadership and commitment to ESG principles and sustainability,” said Sebastien Roussotte, CEO of GRESB.
Mr. Ramesh Nair, Chief Executive Officer, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace Business Parks REIT said, “We are the first real estate entity in India to earn the ‘Global Sector Leader’ title, and we’re very proud of this. With this title comes a big responsibility. We are encouraged to do even better on the ESG front and to work closely with our tenants, partners, and local communities on new sustainability projects. More investors are now using ESG data to make decisions. This recognition helps show our stakeholders that we are transparent and dedicated to doing what’s right, being innovative, and growing in a sustainable way.”
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 170 institutional and financial investors with more than USD 51 trillion in assets under management (1).