Mindspace REIT to acquire 2.6-million-sq-ft Chennai IT park for Rs 2,541 cr
Mindspace REIT to acquire 2.6-million-sq-ft Chennai IT park for Rs 2,541 cr

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Mindspace REIT to acquire 2.6-million-sq-ft Chennai IT park for Rs 2,541 cr

Mindspace Business Parks REIT has entered into an agreement to acquire a 2.6-million-sq-ft information technology, Commerzone Pallikaranai, park spread over spanning 12.4 acres on the Pallavaram–Thoraipakkam Road (PTR) in Chennai, for Rs 2,541 crore.

The REIT will acquire 100% equity shareholding in Sycamore Properties and Content Properties that owns the property. The board of the manager to Mindspace Business Parks REIT has approved the transaction and preferential issuance of up to Rs 675 crore, subject to unitholders and other regulatory approvals.

This transaction marks Mindspace REIT’s second acquisition post listing in Chennai. The acquisition takes the total additions to its portfolio thus far to 6.6 million sq ft and Rs 8,800 crore of gross asset value (GAV), reflecting value-accretive portfolio expansion. These acquisitions remain diversified across Mumbai, Hyderabad, Pune and Chennai.

This acquisition is pursuant to the Right of First Offer (ROFO) agreement with the Sponsors, K Raheja Corp and represents the fifth asset acquisition from the strong sponsor pipeline, emphasising a structural advantage for Mindspace REIT.

“This acquisition is a strategic addition to our portfolio and meaningfully strengthens our presence in Chennai, one of India’s most resilient and high-growth office markets, with the lowest vacancy. This high-quality campus offers institutional-grade infrastructure, a strong multinational tenant base and long lease tenures, along with embedded NOI growth potential from its under-construction area,” said Ramesh Nair, MD & CEO, Mindspace REIT.

Source: The Economic Times

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