Mindspace Business Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Mindspace Business Parks REIT announced a pre-leasing deal where Chalet Hotels Limited will set up a c.5.3 lakh sq.ft. luxury hotel at its Madhapur campus in Hyderabad. The project, with an outlay of c.INR 350 crore (including construction, approvals, development management fee and interest during construction), will have about 330 keys plus some ancillary commercial space. Mindspace's asset SPV K. Raheja IT Park (Hyderabad) Limited will build the core and warm shell, while Chalet will handle interiors, fit-outs and operations. The hotel is expected to be ready by Q4FY28 and will be the third on-campus hotel at Madhapur, joining two existing Westin properties and the Inorbit Mall. The arrangement features a long-tenure lease with built-in escalations, and is expected to add a hotel tenant to Mindspace's mix that currently includes GCCs, IT/ITeS, pharma, oil & gas and data centre occupiers.
Positive for unitholders — this adds a new high-quality tenant (Chalet Hotels) with a long-tenure, escalatory lease, diversifies revenue streams, and strengthens the integrated business park ecosystem, which should support leasing demand and rental growth at the Madhapur campus. The c.350 crore outlay is meaningful but spread over the development period until Q4FY28.