Mindspace Business Parks REIT said on November 28 that it has acquired three central business districts commercial assets in Mumbai and Pune for ₹2,916 crore from K Raheja Corp to expand its REITs portfolio.
Mindspace REIT, sponsored by K Raheja Corp, has acquired three assets totalling 8 lakh sq ft in Mumbai and Pune. As of September 30, its commercial portfolio stood at 38.2 million sq ft, which will rise to 39 million sq ft after this acquisition.
The three commercial assets are located in Mumbai’s business districts Worli and Bandra-Kurla Complex, and Pune’s Kalyani Nagar for ₹2,916 crore from its sponsor K Raheja Corp Group, the company said in a regulatory filing.
The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to ₹1,820 crore subject to unitholders and other regulatory approvals, the company said.
The assets acquired by Mindspace Business Parks REIT include Pramaan Properties Private Limited, which owns ~0.45 msf at Ascent – Worli (Mumbai), a premium newly completed commercial tower in Mumbai’s Worli micro-market; and an office building spread across ~0.1msf located in the Kalyani Nagar micro-market, Pune.
It also acquired Sundew Real Estate Pvt Ltd, which owns around 0.2 million square feet of premium office space at The Square Avenue 98 (BKC Annex), a Grade A office building in Mumbai’s financial epicentre, BKC and BKC Annexe.
These acquisitions collectively represent around 0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of ₹3,106 crore by independent valuers, it said.
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Mindspace REIT existing portfolio consists of five integrated business parks and 6 independent office assets across Mumbai region, Pune, Hyderabad and Chennai.
These trophy assets enhance Mindspace REIT’s prime office portfolio, expand its footprint in key business districts, and support its long-term strategy of building a portfolio of resilient, income-generating assets in India’s most dynamic urban markets. They also offer embedded mark to market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties, the company said.
Speaking on the acquisition, Ramesh Nair, MD and CEO of 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 some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward – invest in great locations, work with great tenants, and create durable value for our unitholders.”