Mindspace REIT strengthens office portfolio with major Mumbai and Pune acquisitions

Mindspace Business Parks REIT has taken a significant step towards strengthening its presence in India’s top commercial markets with the acquisition of three premium office assets in Mumbai and Pune. The transaction, valued at approximately Rs 2,916 crore, marks an important expansion for the REIT as demand for quality office spaces continues to remain stable across key urban business districts.

The newly acquired assets cover nearly eight lakh square feet of leasable space. These include a premium tower in the Worli micro market, an office building located in the fast growing Kalyani Nagar region of Pune, and a Grade A commercial property situated in the financial district of Bandra Kurla Complex and its extended zone. Independent valuers have assessed the combined gross asset value at over Rs 3,100 crore, reinforcing the strategic relevance of these properties.

Following the acquisition, the total portfolio of Mindspace REIT will rise to about thirty nine million square feet. The portfolio currently spans integrated business parks and standalone office assets across Mumbai, Pune, Hyderabad and Chennai, making it one of the prominent office space platforms in the country.

The Board of the Manager to the REIT has also approved a preferential issue of units amounting to as much as Rs 1,820 crore, subject to unitholder and regulatory approvals. This capital raise is expected to support the financing of the acquisition and strengthen the long term balance sheet position of the REIT.

According to Mindspace REIT, the newly added assets offer strong tenant profiles, stable rental streams and long term value creation potential. The properties are located in established commercial zones that continue to attract global financial institutions, technology companies and multinational occupiers. The REIT stated that these additions align with its strategy of owning resilient income generating assets that provide consistent returns.

Ramesh Nair, Managing Director and Chief Executive Officer of Mindspace REIT, said the acquisition reinforces the company’s commitment to investing in high quality locations and partnering with strong tenants to deliver durable value for unitholders.