Mindspace REIT acquires Chennai office

Mindspace Business Parks REIT has acquired 100% equity stakes in Sycamore Properties and Content Properties, which own the Commerzone Pallikaranai office asset in India — Chennai, for approximately ₹2,541 crore. This strategic acquisition adds 2.6 million sq ft of Grade A office space to Mindspace Business Parks REIT's portfolio, increasing its total leasable area to 41.6 million sq ft and its gross asset value to ₹46,760 crore. The acquisition, partly funded by a preferential issue of units worth up to ₹675 crore, strengthens Mindspace Business Parks REIT's presence in India — Chennai, a high-growth office market. The Commerzone Pallikaranai campus, anchored by Shell plc, includes 1.4 million sq ft of completed space and an additional 1.2 million sq ft under construction, expected to be delivered by March 2027. This transaction is the fifth asset acquisition from sponsor K Raheja Corp's pipeline, executed at a 3.4% discount to independent valuations.