Mindspace REIT Announces Rs 2,541 Cr. Acquisition of 2.6 Million Sq Ft Grade-A Asset ‘Commerzone Pallikaranai’ in Chennai

Mumbai, March 31, 2026: Mindspace Business Parks REIT, owner of quality Grade A office assets, located in four key office markets of India, today announced the acquisition of 100% equity shareholding in Sycamore Properties Private Limited and Content Properties Private Limited, comprising 2.6 million sq.ft. at Commerzone Pallikaranai, located on the Pallavaram–Thoraipakkam Road (PTR) in Chennai, for INR 2,541 Cr. The Board of the Manager to Mindspace Business Parks REIT has approved the transaction and preferential issuance of up to INR 675 Cr, subject to unitholders and other regulatory approvals.
The acquisition takes the total additions thus far to 6.6 million sq.ft. and INR 8,800 Cr of GAV.
This acquisition is pursuant to the Right of First Offer (ROFO) agreement with the Sponsors, K Raheja Corp and represents the fifth asset acquisition from the strong sponsor pipeline, emphasising a key structural advantage for Mindspace REIT.
The Acquisition Price of INR 2,541 cr (Enterprise Value) represents a 3.4% discount to the average of two independent valuations. Further, the preferential issue of units is being made at an issue price of INR 484.89 per unit.
Commerzone Pallikaranai is a modern Grade-A office campus spanning 12.4 acres with IGBC Platinum and WELL Platinum certifications. The asset currently includes 1.4 million sq.ft. of completed office space spread over 2 blocks offering large floor plates, with the remaining c. 1.2 million sq.ft. under construction and estimated delivery by March ‘27. The asset offers significant potential for mark-to-market with recent deals at INR 85 per square foot per month. The campus is anchored by Shell, which occupies ~55% of the leased area.
Following completion of the acquisition, Mindspace REIT’s total leasable portfolio will increase from 39 million sq.ft. to 41.6 million sq.ft., further strengthening the scale and diversification of the REIT’s portfolio. The Gross Asset Value (GAV) of Mindspace REIT is set to increase from INR 44,130 Cr to INR 46,760 Cr. The acquisition enhances Mindspace REIT’s presence in Chennai, increasing city’s share in the portfolio from 3% to 9% by area.

Speaking on the acquisition, Ramesh Nair, MD and CEO, Mindspace REIT, said, “The acquisition of Commerzone Pallikaranai is a strategic addition to our portfolio and meaningfully strengthens our presence in Chennai, one of India’s most resilient and high-growth office markets, with the lowest vacancy. This high-quality campus offers institutional-grade infrastructure, a strong multinational tenant base and long lease tenures, along with embedded NOI growth potential from its under-construction area. With PTR already established as one of
Chennai’s major office corridors, where demand continues to outpace supply, this acquisition positions us strongly to capture future leasing demand, rental upside and long-term value creation for our unitholders.”

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