Mindspace Business Parks REIT announced that it has purchased three commercial assets located in central business districts of Mumbai and Pune for ₹2,916 crore from K Raheja Corp, thereby expanding its REIT portfolio.
Moreover, Mindspace REIT, which K Raheja Corp sponsors, acquired three properties totalling 8 lakh sq ft across Mumbai and Pune. As of September 30, its commercial portfolio stood at 38.2 million sq ft, and this acquisition will increase it to 39 million sq ft.
The company stated in a regulatory filing that it acquired the three commercial assets for ₹2,916 crore from its sponsor, K Raheja Corp Group, and that these assets are located in Mumbai’s key business hubs—Worli and Bandra-Kurla Complex—and in Pune’s Kalyani Nagar.
Additionally, the Board of the Manager of Mindspace Business Parks REIT approved the acquisition and preferential issue of units totalling up to ₹1,820 crore, subject to unitholders’ and other regulatory approvals, the company confirmed.
Moreover, the assets Mindspace Business Parks REIT acquired include Pramaan Properties Private Limited, which owns approximately 0.45 msf at Ascent–Worli (Mumbai), a premium newly completed commercial tower in Mumbai’s Worli micro-market, along with an office building spanning ~0.1 msf in the Kalyani Nagar micro-market in Pune. It also acquired Sundew Real Estate Pvt Ltd, which holds around 0.2 million sq ft of premium office space at The Square Avenue 98 (BKC Annex), a Grade A office building situated in Mumbai’s financial center, BKC and BKC Annexe.
These acquisitions collectively represent nearly 0.8 million sq ft of premium leasable area, and independent valuers valued them at a Gross Asset Value (GAV) of ₹3,106 crore, the company added. Mindspace REIT’s existing portfolio consists of five integrated business parks and six independent office assets across the Mumbai region, Pune, Hyderabad, and Chennai.
Consequently, these marquee assets strengthen Mindspace REIT’s prime office portfolio, extend its presence in major business districts, and support its long-term strategy of building a resilient, income-generating asset base in India’s most dynamic urban markets. Additionally, they provide embedded mark-to-market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties, the company noted.
While speaking about 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.”
