Mindspace REIT Expands Portfolio with Significant Mumbai Acquisitions

Mindspace Business Parks REIT has acquired three commercial properties from K Raheja Corp totaling Rs 2,916 crore. This acquisition expands their portfolio to 39 million square feet, enhancing their strategic presence in business districts of Mumbai and Pune. The transaction includes debt assumptions and preferential unit issues.

Mindspace Business Parks REIT has strategically expanded its commercial property portfolio by acquiring three prime assets from K Raheja Corp for Rs 2,916 crore. Announced in a regulatory filing, this acquisition will see Mindspace's portfolio grow from 38.2 million square feet to 39 million square feet.

The assets include Pramaan Properties in Mumbai's Worli area, spanning 0.45 million square feet, and an office building in Pune covering 0.1 million square feet. Additionally, Sundew Real Estate's 0.2 million square feet of premium office space in Mumbai was included, comprising a total of 0.8 million square feet of extra leasable area.

As part of the financial structuring, Mindspace will also issue preferential units worth up to Rs 1,820 crore and assume liabilities of Rs 1,100 crore. Ramesh Nair, MD and CEO of Mindspace REIT, stated that this move underscores their commitment to investing in high-quality locations and maintaining strong tenant relations to create consistent value for unitholders.

(With inputs from agencies.)