Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE), one of India’s largest office portfolios, has announced the acquisition of three premium central business district (CBD) assets in Mumbai and Pune for ₹2,916 crore from K Raheja Corp. The Board has approved the acquisition as well as a preferential issue of units worth ₹1,820 crore, subject to regulatory and unitholder approvals.
The deal strengthens Mindspace REIT’s position across India’s most coveted office destinations—Worli, BKC Annexe, and Kalyani Nagar (Pune)—and represents the REIT’s second major sponsor acquisition.
The Assets Acquired
Mindspace REIT will acquire 100% equity in:
1. Pramaan Properties Pvt Ltd
- Ascent – Worli (Mumbai):
~0.45 million sq ft of newly completed premium office space in one of India’s most prestigious micro-markets.
Occupancy: ~86% - Kalyani Nagar Office Building (Pune):
~0.1 million sq ft of Grade A space
Occupancy: 100%
2. Sundew Real Estate Pvt Ltd
- The Square Avenue 98 (BKC Annex, Mumbai):
~0.2 million sq ft Grade A+ office building
Occupancy: 100%
Anchored by leading global banks
Together, the assets comprise ~0.8 million sq ft of leasable area with a combined Gross Asset Value (GAV) of ₹3,106 crore, as per two independent valuations. Mindspace secured the assets at a 6.1% discount.
Portfolio Impact
Post-acquisition, Mindspace REIT’s portfolio will expand from 38.2 msf to ~39 msf, further deepening its presence in prime, front-office CBD markets.
Key performance expectations (Proforma FY26):
- NOI growth: ~9%
- DPU accretion: ~1.7%
- Front-office portfolio value contribution: ~7.9%
- Addition to FY26 NOI: ~₹226 crore
- GAV increase: From ₹41,020 crore to ₹44,126 crore
- LTV ratio: Rises marginally from 24.2% to 24.7%
The assets bring embedded mark-to-market potential, long-term stable rentals, and marquee tenants—including two of the biggest Wall Street names.
Management Commentary
Ramesh Nair, MD & CEO, Mindspace REIT, said:
“Bringing these assets into the Mindspace REIT portfolio 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 global tenants. We continue to invest in great locations, work with great tenants, and create durable value for our unitholders.”
Strengthening a Disciplined Growth Journey
Over the years, Mindspace REIT has expanded through strategic acquisitions such as:
- c. 1.82 msf Commerzone Raidurg
- Full ownership consolidation at Commerzone Porur (Chennai)
- Expansion at Commerzone Yerwada (Pune)
- The 0.81 msf acquisition of The Square, 110 Financial District (Hyderabad)
The current transaction marks another major milestone in its value-accretive, institutional-grade expansion strategy.
Also Read: Mindspace Business Parks REIT delivered a strong Q2 FY26 performance with 25.8% YoY NOI growth
