Mindspace Business Parks REIT announced on November 28 that it has bought three business districts commercial assets worth Rs 2,916 crore in Mumbai and Pune, sponsored by realty firm K Raheja Corp. The three assets acquired in Mumbai and Pune by the company represent around 8 lakh sq ft.

The company has delivered over 38 million sq ft of developable area, as of September 30, which will stand at 39 million sq ft after this acquisition. Due to this acquisition, it further enhances the presence of Mindspace REIT in major central business districts and strengthens its portfolio.

• Worli, Mumbai: Located in Pramaan Properties Private Limited at Ascent, Worli, a premium commercial tower in the locality of approximately 4.5 lakh sq ft.
• Bandra-Kurla Complex, Mumbai: Located in Sundew Real Estate Pvt Ltd at The Square Avenue 98 (BKC Annex) of around 2 lakh square feet of premium office space.
• Kalyani Nagar, Pune: An office property in Kalyani Nagar spanning nearly 1 lakh sq ft.

Combining the acquisitions of these premium leasable areas, it totals around 8 million sq ft valued at a Gross Asset Value (GAV) of ₹3,106 crore by independent valuers.

Mindspace REIT's portfolio spans across various cities such as Mumbai region, Pune, Hyderabad and Chennai, comprising six independent office assets and five integrated business parks. Because of the acquisitions of these assets in major business areas, the company aims to expand its footprint in India's most urban markets.

The company is building its portfolio to support its long-term strategy by acquiring income-generating assets in major cities such as Mumbai and Pune. They also said that these premium and Grade A properties offer market potential, value-add opportunities and strong rental demand.

Mindspace REIT's MD and CEO, Ramesh Nair, said that the acquisition of these three assets in Mumbai and Pune is a strategic step toward expanding their presence in major CBD areas of these cities. These key office districts ensure stability, and long-term growth for the company's footprint expansion, which results in strong cash flows. Because of the company's investment in such premium properties, it aims to create durable value for their unitholders.