Mindspace Expands Footprint with Major Chennai Acquisition

Realty giant Mindspace Business Parks REIT has made a significant acquisition by purchasing a 51% stake in one of Chennai's prominent commercial assets, Radial IT Park Pvt Ltd, for approximately Rs 1,500 crore.

The strategic move, aimed at expanding Mindspace's portfolio, involves an enterprise value of Rs 3,000 crore and increases the company's footprint in vital business corridors. The transaction includes definitive agreements for a 51% stake from AIGP2 Chennai 1 PTE Ltd, supported by its partner 360 One Real Assets Advantage Fund, acquiring the remaining share.

Ramesh Nair, Mindspace REIT's MD and CEO, underscored the venture's alignment with their growth strategy, focusing on high-potential, low-carbon campuses within key Indian cities. Listed on stock exchanges since August 2020, Mindspace REIT holds extensive assets across Mumbai, Pune, Hyderabad, and Chennai.