The owner and developer of a high-quality Grade A office portfolio, Mindspace Business Parks REIT, is the first Indian commercial real estate entity to be recognized as a "Global Listed Sector Leader" in the 2023 Global Real Estate Sustainability Benchmark (GRESB) for Office Development Benchmark. The REIT also came first in Asia and is ranked first out of nine companies in India under the "Listed Companies Category" for developing commercial businesses. The REIT achieved a prestigious 5-star Rating for the second consecutive year, confirming its leadership by scoring a perfect 100 in the Development Benchmark. Additionally, Mindspace REIT achieved a stellar score of 91/100 in the Standing Investment Benchmark, placing it sixth among real estate peers in Asia with a 5-star Rating. 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 emphasizing a profound commitment to the entity's ESG values. Mindspace REIT has outperformed other participants in key GRESB components like ESG Objective Setting, Policies, and 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 sustainably".
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 170 institutional and financial investors are currently using the GRESB data with more than USD 51 trillion in assets under management.
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