IPO

SETTING THE FOUNDATION

Executed our IPO proceedings amid one of the most challenging market environments. Despite subdued demand during the pandemic, we executed a highly successful IPO, with the main book oversubscribed to 8x. Our high-quality, sustainable assets and operational resilience established a strong base of investor confidence and positioned us for long-term growth.

Note: Multiple tenants are present across more than one office park

FY 2021-22 TO FY 2022-23

POSITIONED FOR GROWTH

We witnessed improved leasing activity as demand for high-quality, collaborative workspaces picked up. We completed the acquisition of 100% equity and CCDs of SDPL Noida, which owned Candor TechSpace N2. Post-acquisition, we delivered a 0.2M sf expansion at N2, fully committed to a GCC within seven months. Building on this momentum, we announced the proposed acquisition of 6.5M sf across Downtown Powai and Candor TechSpace G1, Gurugram, in partnership with GIC.

FY 2023-24

SCALING UP WITH PURPOSE

We doubled our portfolio by acquiring equal stakes in Downtown Powai and Candor TechSpace G1, Gurugram, in partnership with GIC. Backed by strong demand, we delivered new leases of 1.9M sf – the highest since our IPO – with a 16% re-leasing spread. We raised ₹27B to fund the acquisition through institutional placement and preferential allotment, alongside a successful ₹7.5B commercial paper issuance. We also announced the proposed acquisition of a 50% stake in the North Commercial Portfolio from the Bharti Group.

FY 2023-24

EXPANSION THROUGH STRATEGIC ACQUISITIONS

We continued to scale strategically through the acquisition of a 50% stake in the fully operational 3.3M sf North Commercial Portfolio from Bharti Enterprises. This includes iconic assets like Worldmark Delhi, Airtel Center, Worldmark Gurugram, and Pavilion Mall. The transaction, valued at ₹12.28B, was funded through a preferential issue of 40.93M units to Bharti Enterprises at ₹300 per unit, making them our second-largest unitholder with an 8.53% stake.