New Delhi, Apr 14 (PTI) Realty firm Mindspace Business Parks REIT has bought a 51 per cent stake in a commercial asset in Chennai for around ₹1,500 crore as part of its expansion plan.
The company has acquired a stake in Radial IT Park Pvt Ltd, which owns 2.6 million sq ft office space in Chennai, at an enterprise value of ₹3,000 crore.
In a regulatory filing on Tuesday, the company informed that it has entered into definitive transaction documents for the proposed acquisition of a 51 per cent stake in Radial IT Park Pvt Ltd from AIGP2 Chennai 1 PTE Ltd.
The remaining 49 per cent will be acquired by 360 One Real Assets Advantage Fund (along with its affiliates).
The AIGP2 Chennai 1 Pte Ltd is a 100 per cent subsidiary of CapitaLand India Growth Fund 2, which is a development fund by CapitaLand Investment that invests in Grade A business parks in prime locations across India’s gateway cities.
Ramesh Nair, MD and CEO, Mindspace REIT, said, “The acquisition of this institutional-quality, low-carbon campus in a high-growth corridor, anchored by blue-chip tenants and long leases, with clear income visibility, makes it a strong strategic fit.
The asset acquired from a fund under CapitaLand Investment positions the company as one of the largest owners of commercial office assets in Chennai, he added.
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on stock exchanges in August 2020. It owns office assets in the Mumbai Region, Pune, Hyderabad, and Chennai.
Mindspace REIT’s portfolio has a total leasable area of 39 million sq ft, comprising 31.9 million sq ft of completed area, 3.6 million sq ft of area under construction, and 3.5 million sq ft of future development.
