Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) ('Mindspace REIT'), owner and developer of quality Grade A office portfolio, today announced the appointment of Ramesh Nair as Chief Executive Officer, with effect from September 1, 2023. Mindspace REIT also announced the elevation of Vinod Rohira from his role as CEO to Board Member of the REIT. This strategic move ensures stability and continuity of leadership, as Mindspace REIT embarks on its next phase of growth and expansion. In his new capacity, Vinod will also spearhead a larger role within the group as Managing Director and CEO - Commercial Real Estate, K Raheja Corp; along with a seat on the Board of the Residential Business - K Raheja Corp Homes.
Speaking on the appointment, Mr. Ramesh Nair said, "I am honoured to lead Mindspace REIT through its forthcoming growth phase. My experience in working with the management, as an external partner, has allowed me to witness a culture of collaboration and high potential, which I am excited to contribute to. The REIT exhibits strong potential for growth, and I look forward to working with the Team to create enduring value for stakeholders. I express my gratitude to Vinod for establishing such a robust foundation for the business' future endeavours."
Speaking on his elevation, Mr. Vinod Rohira said, "It has been an absolute privilege to lead Mindspace REIT through the listing and witness its growth over the last 3 years. As I transition into my new role, I welcome Ramesh and look forward to supporting the continued growth and success of the REIT along with the group businesses, from this new vantage point."
Mr. Neel Raheja, Board Member, Mindspace Business Parks REIT, said, "We welcome Ramesh as he takes on the role of CEO for Mindspace REIT. Our past collaborations with him have yielded highly favourable results, and we look forward to his adept management of the business. We are grateful to Vinod for his exceptional leadership and wish him the very best as he takes on a larger role as Board Member of the REIT and MD and CEO of the non-listed commercial portfolio. His guidance will play a pivotal role in fortifying and advancing our organization."
With 25 years of leadership experience across most facets of the real estate business, Ramesh has worked across diverse asset classes spanning office, land, retail, residential, warehousing, datacentres and hotels, leading domestic and multinational owners, investors and occupiers. He has a track record of producing stable revenue and profit growth in dynamic markets. An MBA from University of Chennai and an alumnus of Harvard Business School, (AMP), Ramesh was CEO-Colliers India before joining Mindspace REIT, and prior to that, was CEO-JLL India.
An MBA from Booth School of Business, Chicago, Vinod, has had an illustrious career spanning 27 years with K Raheja Corp group. He has been instrumental in growing several businesses multifold, while overseeing the most significant developments in its 4-decade legacy. Vinod has, during his tenure, pioneered the concept of landmark business districts, premium residential and retail complexes, which have become benchmarks in Indian real estate.
Shares of Mindspace Business Parks REIT was last trading in BSE at Rs. 304.94 as compared to the previous close of Rs. 306.16. The total number of shares traded during the day was 16881 in over 550 trades.
The stock hit an intraday high of Rs. 307.99 and intraday low of 304.10. The net turnover during the day was Rs. 5173480.00.