Billionaire Chandru Lachmandas Raheja has sold a 1.49 per cent holding in Mindspace Business Parks REIT for Rs. 5 bn through a bulk deal on the BSE. The transaction involved 9.9 mn units and was executed at an average price of Rs. 505 per unit, according to exchange data.

Following the sale, units of Mindspace Business Parks REIT were trading 0.18 per cent lower at Rs. 504.05 on Tuesday. Exchange data did not identify the buyers involved in the transaction. Raheja is the chairman of real estate company K Raheja Corp.

The sale involved 99,00,990 units, representing 1.49 per cent of the Mumbai-based real estate investment trust. The transaction value was reported at Rs. 5 bn, based on the average price paid for the units.

Mindspace Business Parks REIT is registered with the Securities and Exchange Board of India and has 36 mn square feet of completed area, 6.6 mn square feet under construction and 3.6 mn square feet designated for future development. Its portfolio includes Grade-A integrated business parks, standalone office buildings and high-tech data centres.

The properties are located in key commercial districts in Mumbai, Hyderabad, Pune and Chennai. Anbee Constructions and Cape Trading, both entities associated with K Raheja Corp, were the sponsors of the REIT. The group operates across commercial real estate and has interests associated with brands including Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop.

K Raheja Corp is run by Raheja's sons, Neel and Ravi. The group listed Chalet Hotels, which owns properties including JW Marriott in Mumbai and Westin in Hyderabad, in 2019. In 2020, it listed part of its commercial property portfolio, co-owned with private equity firm Blackstone, through Mindspace Business Parks REIT.