Mindspace Business Parks REIT owner and developer of quality Grade A office portfolio, announces the successful acquisition of c.0.24 msf of leasable area at Commerzone Porur, Chennai, for INR 1,816 Mn, including transaction costs1.
This strategic acquisition helps Mindspace REIT consolidate its ownership in the project. Mindspace REIT, through its Asset SPV, now owns 100% of the project with a total leasable area of c.1.1 msf. Advanced negotiations are underway with a multinational client for around 45,000 sq.ft. of the acquired area.
With this acquisition, Mindspace REIT’s total leasable portfolio area grows from 32.1 msf to 32.3 msf, cementing Mindspace REIT's commitment to enhancing its premium real estate offerings.
Mindspace REIT’s existing area of c.0.9 msf at the asset has achieved committed occupancy of over 96% with leading MNCs and prominent domestic clients. This acquisition, while helping Mindspace REIT gain full control of the project, also offers consolidation and expansion opportunities to the existing occupiers within the park.
Speaking on the acquisition, Vinod Rohira, Board Member, K Raheja Corp Investment Managers Private Limited, Manager to Mindspace REIT said, “This strategic acquisition aligns perfectly with our overarching strategy to exercise complete and comprehensive control of our assets, enabling holistic planning and decision making across the portfolio. The quality office property, located in one of the prominent micro-markets of Chennai, is currently occupied by marquee global MNCs as well as domestic clients, and this acquisition provides us with enhanced leasing options. The transaction, in addition to bolstering our position in the Chennai market, creates value for our unitholders. With a low loan-to-value ratio, Mindspace REIT is well-positioned to explore further inorganic growth avenues as they arise.”
