Mindspace REIT Partners with Global Network for Zero to Guide Portfolio Towards Net-Zero Certification
Mindspace Business Parks REIT, a major owner of Grade A office assets in India's key commercial markets, has formed a strategic partnership with the Global Network for Zero (GNFZ). This collaboration aims to transition the REIT's entire portfolio to meet net-zero certification standards, marking one of the largest portfolio-level decarbonisation initiatives within India's commercial real estate sector.Mindspace REIT, which owns a total leasable area of 39 million sq. ft. across 4 key office markets, will leverage GNFZ's internationally recognized standards to guide its net-zero journey. This move shifts the focus from individual building certifications to a unified, portfolio-wide net-zero certification pathway.
The partnership necessitates developing a comprehensive decarbonisation roadmap covering three critical emission scopes:
- Scope 1 emissions: Direct emissions from owned or controlled sources.
- Scope 2 emissions: Indirect emissions arising from purchased energy.
- Scope 3 emissions: Emissions across the value chain, including those from tenants and suppliers.
This structured approach will enable centralized energy tracking, accelerating renewable energy integration and coordinating action across all assets and occupiers.
Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Private Limited, commented on the development, stating, "Sustainability, for us, has always been about action, not announcements... This partnership with GNFZ does exactly that - it puts our entire portfolio on a clear, accountable path to net zero."
Mahesh Ramanujam, President & CEO of GNFZ, added that the collaboration sets a powerful precedent for the market. He noted that by committing an entire high-quality portfolio to a structured net-zero pathway, Mindspace REIT is demonstrating global leadership in scaling climate action beyond individual assets.
Sustainable Performance Highlights
Mindspace REIT has consistently demonstrated strong ESG performance alongside stable operational metrics. The REIT has set a target of achieving net-zero emissions by 2042 and has committed to 100% renewable electricity by 2050 through its participation in RE100.As of FY2025, the REIT achieved notable reductions in emissions and increases in clean energy usage:
| Metric | Performance Data (FY2025) |
|---|---|
| Scope 1 & Scope 2 Emissions Reduction | 32.2% |
| Renewable Energy Usage Increase | 40.2% |
| GRESB Rating | 5-star (for three consecutive years) |
The REIT's portfolio is highly diversified and comprises 5 integrated business parks and 9 independent office assets. The total leasable area is 39.0 million sq. ft., with the portfolio having a strong tenant base of over 270 tenants.
The Global Network for Zero (GNFZ) remains the world's premier independent net-zero certification body, utilizing the GHG Protocol to address Scope 1, 2, and 3 emissions for buildings, portfolios, and businesses.
MINDSPACE Stock Price Movement
Mindspace Business Parks REIT shares today slipped by 1.71% to settle at ₹470.1, marking a decline of ₹8.18 from previous levels. The equity saw a volume of 163,973 shares traded during the day's session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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