In a significant move to expand its high-quality office portfolio, Mindspace Business Parks REIT has announced the acquisition of three prime Grade-A office assets from its sponsor, K Raheja Corp, for a total consideration of ₹2,916 crore.
Details of the Strategic Acquisition
The transaction, approved by the trust's manager board on Friday, involves properties in two of India's most prominent commercial hubs. The assets include the newly constructed Ascent tower in Mumbai's upscale Worli area, The Square Avenue 98 in the BKC Annex locality of Mumbai, and an office building located in Pune's well-established Kalyani Nagar micro-market.
According to the company, independent valuers have assessed the gross asset value (GAV) of this portfolio at ₹3,106 crore. This acquisition brings approximately 0.8 million square feet of leasable area into the Mindspace REIT fold, a substantial addition that is set to enhance its income-generating capacity.
Boosting Portfolio Value and Market Presence
This strategic purchase is a powerful growth lever for the REIT. Post-acquisition, the overall Gross Asset Value (GAV) of Mindspace Business Parks REIT is projected to jump from ₹41,020 crore to ₹44,126 crore.
Ramesh Nair, Managing Director and CEO of Mindspace Business Parks REIT, emphasized the strategic importance of the deal. He stated that bringing these institutional-grade assets into the portfolio strengthens their foothold in Mumbai's most sought-after central business district (CBD) locations. He highlighted that the properties come with strong, stable cash flows and are anchored by major Wall Street names, which enhances the overall scale and long-term growth prospects of the REIT.
The Broader REIT Momentum in India
This acquisition is part of a larger trend where Indian Real Estate Investment Trusts (REITs) are actively expanding their portfolios. Mindspace is one of the four publicly listed office REITs in the country, alongside Embassy Office Parks REIT, Brookfield India Real Estate Trust (BIRET), and Nexus Select Trust.
The sector has demonstrated robust health in the first half of the fiscal year 2025-26, with all major office REITs reporting growth in net operating income, occupancy levels, and distributions. This positive momentum is largely driven by strong demand from Global Capability Centres (GCCs) and domestic occupiers, a trend expected to continue into the second half of the fiscal year.
In a parallel development, Brookfield Reit announced in November its plan to acquire the massive Ecoworld office park in Bengaluru for ₹13,125 crore. This signals intense competition and confidence in the commercial office asset class. The Indian REIT market has seen phenomenal growth, with its market capitalization exploding from $3.1 billion in FY20 to an impressive $19 billion as of September 30, 2025.
