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Mindspace Business Parks REIT has expanded its portfolio by acquiring three prime commercial assets from its sponsor, K Raheja Corp, in a transaction valued at INR 2,916 crore. Concluded earlier this week, the acquisition adds nearly 0.8 million square feet of premium leasable space across Mumbai and Pune. The REIT noted that the transaction was executed at a 6.1% discount to independent valuations. With this purchase, its total portfolio increases from 38.2 million square feet to 39 million square feet. The Board has also cleared a preferential issue of units worth up to INR 1,820 crore, pending regulatory approvals.
Mindspace Business Parks REIT recently announced that it had acquired three prominent commercial properties from its sponsor, K Raheja Corp, for INR 2,916 crore as part of its strategy to widen its operational footprint. The REIT, floated by K Raheja Corp, stated that the three assets collectively span nearly 8 lakh square feet across key business districts in Mumbai and Pune. Advertisement
The company highlighted that as of the end of the past quarter, it held a portfolio of 38.2 million square feet of operational commercial space. With the latest acquisitions now included, its total area increases to around 39 million square feet. In a regulatory filing released earlier this week, Mindspace REIT confirmed that the properties, all located within central business district clusters, were acquired from K Raheja Corp for INR 2,916 crore.
The Board of the Manager to Mindspace REIT has also cleared a preferential issue of units amounting to as much as INR 1,820 crore. This issuance will proceed once unitholders and relevant authorities extend their approvals.
Providing further detail, the REIT said it had taken over Pramaan Properties Pvt Ltd, which owns around 0.45 million square feet of commercial space in Worli, Mumbai, along with an office building of roughly 0.1 million square feet in Pune. It has also acquired Sundew Real Estate Pvt Ltd, which controls about 0.2 million square feet of premium office space in Mumbai.
Independent valuers had placed a Gross Asset Value of INR 3,106 crore on the combined assets, and the company noted that the agreed acquisition price reflected a 6.1% discount to the average of the two external valuations.
Ramesh Nair, Managing Director and Chief Executive Officer of Mindspace REIT, remarked that incorporating these properties into the REIT's portfolio marked a strategic move to strengthen its presence within Mumbai's most high-demand CBD office locations. He added that the assets were institutional-grade developments supported by strong cash flows. He further mentioned that the REIT's philosophy remained straightforward - to invest in quality locations, collaborate with established tenants, and build sustainable long-term value for its unitholders.
Mindspace REIT's broader portfolio currently comprises five integrated business parks and six standalone office developments across Mumbai, Pune, Hyderabad and Chennai, reflecting its continued focus on premium commercial real estate markets.
Source - PTI
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