Mindspace REIT Announces c. INR 2,916 Crore Acquisition of Premium Trophy Assets in Mumbai and a CBD Asset in Pune, from K Raheja Corp

Mumbai: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) has announced the acquisition of three prime CBD assets for approximately INR 2,916 Cr from K Raheja Corp. The Board of the Manager of Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to approximately INR 1,820 Cr, subject to unitholders and other regulatory approvals.

The REIT has acquired Pramaan Properties Private Limited, which owns approximately 0.45 msf at Ascent – Worli, a premium newly completed commercial tower in Mumbai’s most prestigious Worli micro-market, and an office building spread across approximately 0.1 msf located in the thriving Kalyani Nagar micro-market, Pune. Additionally, the REIT has acquired Sundew Real Estate Private Limited, which owns approximately 0.2 msf of premium office space at The Square Avenue 98 (BKC Annex), a strategically located Grade A office building in Mumbai’s financial epicentre, BKC & BKC Annexe.

These acquisitions collectively represent approximately 0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of approximately INR 3,106 Cr by independent valuers. The acquisition will be completed at a gross acquisition price of approximately INR 2,916 Cr, representing a discount of approximately 6.1% to the average of two independent valuations. Post-acquisition, the Mindspace REIT portfolio will expand to approximately 39 million square feet, with a strengthened presence across one of India’s most influential commercial corridors.

On a pro forma basis, the acquisition is expected to deliver NOI growth of approximately 9%, DPU accretion of approximately 1.7%, and front-office portfolio value contribution rising to approximately 7.9%. The acquisition will also provide sustained and stable income streams backed by marquee tenants. The Gross Asset Value (GAV) of Mindspace REIT is set to increase from approximately INR 41,020 Cr to approximately INR 44,126 Cr after this acquisition.

Ramesh Nair, MD and CEO of Mindspace REIT, stated, “The acquisition of these assets 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 on Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio.”

The transaction highlights include a leasable area of approximately 0.8 msf, a Gross Asset Value of approximately INR 3,106 Cr, and marquee tenants, including two of the biggest names on Wall Street. The acquisition price is approximately INR 2,916 Cr, representing a discount of approximately 6.1% to the average of two independent valuations.

Post-acquisition, the portfolio size will grow from approximately 38.2 msf to approximately 39 msf, and the Gross Asset Value (GAV) will increase from approximately INR 41,020 Cr to approximately INR 44,126 Cr. The Loan-to-Value (LTV) ratio will increase marginally from 24.2% to 24.7%, with enough headroom available for growth.

Over the years, Mindspace REIT has grown its portfolio through strategic acquisitions, including the first sponsor acquisition of approximately 1.82 msf Commerzone Raidurg, buying back third-party units at Mindspace Madhapur, and selective expansions at Commerzone Yerwada in Pune. The current transaction marks Mindspace REIT’s second Sponsor acquisition, further reinforcing its disciplined, value-accretive growth strategy and commitment to delivering sustained value to unitholders.

This transaction builds on the approximately 3.2 msf of acquisitions undertaken so far, marking another step in Mindspace REIT’s disciplined growth journey.

[1] GAV is calculated as the average of valuations undertaken by two independent valuers, L. Anuradha and ANVI Technical Advisors India Pvt. Ltd.
[2] 100% equity shareholding and interest in Pramaan and Sundew RE
[3] Proforma NOI & NDCF for FY26 based on actuals for H1 FY26 & considering H2 FY26 same as H1FY26 for MREIT & estimates for FY27 for acquisition assets