M&A

M&A

Mindspace Business Parks REIT acquires three assets for Rs.1,820-Cr

Business Line  

K Raheja Corp-backed Mumbai-based publicly listed Mindspace Business Parks REIT has acquired three assets from its sponsor K Raheja Corp for INR 1,820 crore, at an enterprise value of INR 2,916 crore. The purchases will be settled by issuing units preferentially to the shareholders of the sellers.The acquired portfolio comprises 0.8 mn sq ft (msf) of leasable area, with a gross asset value of INR 3,106 crore. The assets include a 0.45 msf commercial tower in Worli, Mumbai, and a 0.1 msf office building in Pune, both held by Pramaan Properties.Additionally, 0.2 msf of office space in Mumbai’s Bandra Kurla Complex, owned by Sundew Real Estate, was acquired.Post-acquisition, Mindspace REIT's total portfolio will increase to 39 msf, and its gross asset value will rise by 7.6% to INR 44,126 crore. The acquisition is projected to increase the net operating income by 9%, or INR 226 crore, in FY26, and boost the distribution per unit by 1.7%.