Mindspace Business Parks REIT has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Mindspace REIT is acquiring a 51% stake in Radial IT Park Private Limited for INR 30 billion (c. 2% discount to independent valuation). The target owns International Tech Park Chennai (ITPC - Radial Road) comprising two towers of ~1.3 msf each, totalling ~2.6 million sq. ft. of leasable area. Tower 1 is ~87% occupied; Tower 2 (completed September 2025) is ~28% occupied. Anchor tenants include the world's largest retailer, a global financial services provider, and a global wind technology leader. The co-investor 360 ONE Asset holds the remaining 49%. Upon completion, the portfolio will expand from ~39.0 msf to ~44.2 msf and GAV will rise from ~INR 441bn to ~INR 483bn. LTV will increase from 28.0% to 30.3%. This is the REIT's largest external acquisition since listing and positions it among the top two office asset owners in Chennai.
Positive for unitholders — the acquisition adds a high-quality institutional asset at a slight discount to valuation, increases scale (portfolio to 44.2 msf), and grows Chennai exposure from 3% to 14% of portfolio by area, with further upside from mark-to-market rental potential.