Mindspace REIT Acquires 2.6 Million Sq.ft. Grade-A Asset in Chennai for INR 25.4 Bn

Mindspace Business Parks REIT, owner of quality Grade A office assets in India, has announced the acquisition of 100% equity shareholding in Sycamore Properties Private Limited and Content Properties Private Limited, comprising c. 2.6 million sq.ft. at Commerzone Pallikaranai in Chennai. The transaction is valued at approximately INR 25.4 Bn. This acquisition marks Mindspace REIT’s second acquisition post listing in Chennai and takes the total additions thus far to c. 6.6 million sq.ft. and c. INR 88 Bn of GAV. The acquisition is pursuant to the Right of First Offer (ROFO) agreement with the Sponsors and represents the fifth asset acquisition from the strong sponsor pipeline.