Mindspace REIT Expands: Strategic Acquisition Boosts Portfolio

Mindspace Business Parks REIT has acquired three commercial properties from K Raheja Corp for Rs 2,916 crore, aiming to strengthen its portfolio in Mumbai and Pune. The acquisition adds 0.8 million square feet of premium office space to its assets, enhancing its presence in crucial business districts.

Mindspace Business Parks REIT, sponsored by K Raheja Corp, has strategically acquired three prime commercial properties in Mumbai and Pune for Rs 2,916 crore. This move expands their portfolio by adding 0.8 million square feet of premium leaseable space.

This acquisition will enhance Mindspace REIT's influence in Mumbai's sought-after central business districts, with properties valued at Rs 3,106 crore by independent valuers, acquired at a 6.1% discount. The Board has approved the acquisition and a preferential unit issue of Rs 1,820 crore, pending unitholder and regulatory approvals.

Ramesh Nair, MD and CEO of Mindspace REIT, affirms the acquisition's strategic intent, citing the focus on prime locations and durable value for unitholders. The existing portfolio spans 38.2 million square feet across major Indian cities, set to grow further.

(With inputs from agencies.)