Mindspace REIT Acquires Three Prime CBD Assets for Rs 29.16 Billion
Real Estate

Mindspace REIT Acquires Three Prime CBD Assets for Rs 29.16 Billion

Mindspace Business Parks REIT has announced the acquisition of three prime central business district assets valued at Rs 29.16 billion from K Raheja Corp. The Board of the Manager to Mindspace Business Parks REIT has also approved a preferential issue of units aggregating up to Rs 18.20 billion, subject to unitholders and regulatory approvals.

The acquisitions include Pramaan Properties Private Limited, which owns approximately 0.45 million sq ft at Ascent – Worli, Mumbai, and an office building of around 0.1 million sq ft in Kalyani Nagar, Pune; and Sundew Real Estate Private Limited, which owns about 0.2 million sq ft of Grade A office space at The Square Avenue 98 (BKC Annex), a key commercial location in Mumbai. Together, the assets represent around 0.8 million sq ft of premium leasable area with a Gross Asset Value of Rs 31.06 billion as determined by independent valuers. The gross acquisition price reflects a 6.1 per cent discount to the average of the two independent valuations.

Post-acquisition, the Mindspace REIT portfolio will rise to approximately 39 million sq ft. On a proforma basis, the transaction is expected to deliver NOI growth of about 9 per cent, 1.7 per cent DPU accretion, a front-office portfolio value contribution of roughly 7.9 per cent and continued stable rental income from marquee tenants. The Gross Asset Value of Mindspace REIT is projected to increase from Rs 410.20 billion to Rs 441.26 billion.

Speaking on the acquisition, Ramesh Nair, MD and CEO, Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward – invest in great locations, work with great tenants, and create durable value for our unitholders. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.”

Mindspace Business Parks REIT has announced the acquisition of three prime central business district assets valued at Rs 29.16 billion from K Raheja Corp. The Board of the Manager to Mindspace Business Parks REIT has also approved a preferential issue of units aggregating up to Rs 18.20 billion, subject to unitholders and regulatory approvals.The acquisitions include Pramaan Properties Private Limited, which owns approximately 0.45 million sq ft at Ascent – Worli, Mumbai, and an office building of around 0.1 million sq ft in Kalyani Nagar, Pune; and Sundew Real Estate Private Limited, which owns about 0.2 million sq ft of Grade A office space at The Square Avenue 98 (BKC Annex), a key commercial location in Mumbai. Together, the assets represent around 0.8 million sq ft of premium leasable area with a Gross Asset Value of Rs 31.06 billion as determined by independent valuers. The gross acquisition price reflects a 6.1 per cent discount to the average of the two independent valuations.Post-acquisition, the Mindspace REIT portfolio will rise to approximately 39 million sq ft. On a proforma basis, the transaction is expected to deliver NOI growth of about 9 per cent, 1.7 per cent DPU accretion, a front-office portfolio value contribution of roughly 7.9 per cent and continued stable rental income from marquee tenants. The Gross Asset Value of Mindspace REIT is projected to increase from Rs 410.20 billion to Rs 441.26 billion.Speaking on the acquisition, Ramesh Nair, MD and CEO, Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward – invest in great locations, work with great tenants, and create durable value for our unitholders. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.”

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