Mindspace Business Parks REIT, is expanding its Grade A office portfolio in the biggest urban commercial hubs of India, Mumbai and Pune, by acquiring a total of 8 lakh sq ft of three premium commercial assets for ₹2,916 crore. The deal disclosed in a regulatory filing on November 28, moves the REIT to deepen its footprint in the core of the CBDs of Mumbai like Worli and Bandra-Kurla Complex (BKC) and Pune’s Kalyani Nagar.
As a result of this purchase, the overall portfolio of Mindspace REIT which was 38.2 million sq ft as of September 30 will be close to 39 million sq ft and thus the company will be ranked among the top office asset owners in India. The deal also comprises a preferential issue of units amounting to ₹1,820 crore approximately, subject to the approval of unitholders and the regulatory authorities.
The newly acquired assets comprise Pramaan Properties Private Limited, which owns approximately 0.45 million sq ft at Ascent – Worli, a newly developed premium commercial tower in Mumbai’s Worli micro-market. The REIT has also taken over an office property spanning roughly 0.1 million sq ft in Pune’s Kalyani Nagar business district. In addition, it has acquired Sundew Real Estate Pvt Ltd, which owns nearly 0.2 million sq ft at The Square Avenue 98 (BKC Annex) — a Grade A commercial building located in Mumbai’s financial heart, housing prominent global tenants.
According to independent valuers, the combined portfolio carries a Gross Asset Value of ₹3,106 crore. These assets not only enhance Mindspace’s overall footprint but also provide embedded mark-to-market potential, opportunities for value creation, and access to strong rental momentum, driven by sustained demand in India’s top office markets.
Mindspace REIT’s existing portfolio spans five large integrated business parks and six independent office assets across the Mumbai Metropolitan Region, Pune, Hyderabad and Chennai. With the addition of the new Mumbai and Pune assets, the REIT is doubling down on its strategy of curating a stable, institutionally managed, income-generating collection of properties in supply-constrained, high-value markets.
“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,” the company said. It added that the properties come with robust occupancy, strong tenant covenants, and clear avenues for rental growth.
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.”
India's commercial real estate market is full of life again with a lot of demand from global capability centers, tech companies, BFSI tenants and new economy firms. So, the acquisition is a very timely one. Both Mumbai and Pune are maintaining their positions as the leading office leasing markets in India. This is enabled by shortage of supply in prime localities and increasing attention to top-notch, sustainability-driven workspaces.
For Mindspace REIT, the addition of these centrally located Grade A+ properties not only boosts portfolio attractiveness but also positions the REIT to benefit from rental escalations, strengthened tenant profiles and continued absorption in gateway cities. The move reflects the confidence of institutional investors in India’s office market resilience, even amid global macroeconomic uncertainties.
With this acquisition, Mindspace REIT further deepens its exposure to the country’s most valuable commercial corridors, reinforcing its long-term strategy of delivering stable, predictable returns backed by premium office assets and marquee tenants.
Image source- embassyofficeparks.com
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