Mindspace Business Parks REIT has acquired 100% equity shareholding in Sycamore Properties Pvt Ltd and Content Properties Pvt Ltd, subsidiaries of its sponsor K Raheja Corp, at Commerzone Pallikaranai located in Chennai's Pallavaram-Thoraipakkam Road. According to reports from Mint, the transaction involves a 2.6 million sq ft office campus acquired for ₹2,541 crore. The board of the manager to Mindspace Business Parks REIT has approved the transaction and a preferential issuance of up to ₹675 crore, subject to unitholder and other regulatory approvals.
This acquisition marks Mindspace REIT's fifth purchase from the sponsor's pipeline and represents the company's second acquisition in Chennai post August 2022 listing. As reported by Mint, since going public, the REIT has acquired around 6.6 million sq ft valued at ₹8,800 crore, with acquisitions remaining diversified across Mumbai, Hyderabad, Pune and Chennai. The transaction will increase Mindspace REIT's total leasable portfolio from 41.6 million sq ft once completed.
Commerzone Pallikaranai is a Grade-A office campus spanning 12.4 acres, currently including 1.4 million sq ft of completed office space spread over 2 towers, with the remaining 1.2 million sq ft under construction to be delivered by March 2027. According to Mint, the campus is anchored by Shell, which occupies 55% of the leased area. The property was acquired under a right-of-first-offer (ROFO) agreement with K Raheja Corp.
Ramesh Nair, managing director and CEO of Mindspace REIT, described the acquisition as a strategic addition that strengthens the company's presence in Chennai, one of India's most resilient and high-growth office markets with the lowest vacancy. As reported by Mint, Nair stated that the acquisition positions the company strongly to capture future leasing demand, rental upside and long-term value creation for unit holders. Mindspace REIT is one of the four listed REITs in India, alongside Embassy Office Parks REIT, Brookfield India Real Estate Trust and Knowledge Realty Trust.
