Mindspace REIT Expands Prime Office Portfolio with Major Acquisition

Mindspace Business Parks REIT has acquired three key commercial properties in Mumbai and Pune from K Raheja Corp for Rs 2,916 crore. This move expands its portfolio to 39 million square feet. The acquisition is strategically aimed at reinforcing Mindspace's presence in Mumbai's central business districts.

Mindspace Business Parks REIT has strategically acquired three prime commercial properties in Mumbai and Pune from its sponsor, K Raheja Corp, for a sum of Rs 2,916 crore. These acquisitions are part of Mindspace's strategy to extend its portfolio by 0.8 million square feet, bringing its total to 39 million square feet.

The newly acquired assets include Pramaan Properties Pvt Ltd in Mumbai's Worli area, and Sundew Real Estate Pvt Ltd. The acquisitions reflect a Gross Asset Value (GAV) of Rs 3,106 crore but were acquired at a discounted price, demonstrating Mindspace's investment acumen and market positioning.

Ramesh Nair, MD and CEO of Mindspace REIT, emphasized the strategic importance of these assets in Mumbai's central business districts. He noted that such investments fortify Mindspace's portfolio, creating lasting value for unitholders and ensuring partnerships with key tenants in a competitive market.

(With inputs from agencies.)