Mindspace REIT Secures Major 3000 Crore Deal for International Tech Park Chennai

Mindspace Business Parks REIT recently finalized a monumental move within the Indian commercial real estate sector. The organization announced the acquisition of a fifty one percent stake in the International Tech Park Chennai situated on Radial Road. This deal covers approximately two point six million square feet and is valued at nearly three thousand crore rupees. It represents one of the largest office property transactions witnessed in the country in recent years.

The seller involved in this transaction is AIGP2 Chennai 1 Pte Ltd which is a wholly owned subsidiary of CapitaLand India Growth Fund 2. On the other side Three Sixty ONE Asset will maintain the remaining forty nine percent stake through its specialized real assets funds. This strategic acquisition will be carried out via Radial IT Park Private Limited as the primary holding entity for the asset subject to all standard regulatory approvals.

The asset itself is located on the prominent Pallavaram Thoraipakkam Road corridor. The campus consists of two impressive towers each offering around one point three million square feet. Tower 1 currently maintains an occupancy rate of eighty seven percent. Tower 2 was completed in September 2025 and is already seeing twenty eight percent occupancy. Marquee multinational tenants including a leading global retailer and a wind technology firm already occupy seventy percent of the leased space.

This latest expansion follows the previous purchase of Commerzone Pallikaranai for two thousand five hundred forty one crore rupees. Together these assets create a massive footprint of five point two million square feet. This makes Mindspace REIT the largest office asset owner in this specific micro market and one of the top two owners in all of Chennai.

Following this acquisition the total portfolio for Mindspace REIT will expand significantly to reach forty four point two million square feet. The gross asset value is projected to rise to forty eight thousand three hundred twenty one crore rupees. This shift increases the share of Chennai within their portfolio from three percent to fourteen percent. The property will eventually be rebranded as One Radial to reflect its new identity within the growing Tamil Nadu business landscape.