Mindspace REIT Announces c. INR 2,916 Crore Acquisition of Premium Trophy Assets in Mumbai and a CBD Asset in Pune, from K Raheja Corp

Mindspace REIT Announces c. INR 2,916 Crore Acquisition of Premium Trophy Assets in Mumbai and a CBD Asset in Pune, from K Raheja Corp

Buys Prime CBD Trophy Assets: Ascent at Worli and The Square Avenue 98 (BKC Annex)

Assets Span ~0.8 msf of Leasable Area

Mumbai assets anchored by leading Global Banks

Acquisition at a c. 6.1% Discount to Average of 2 Independent Valuations

Mumbai, December 1st , 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner of quality Grade A office portfolio located in 4 key office markets of India, today announced the acquisition of three prime CBD assets for c. INR 2,916 Cr from K Raheja Corp. The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to c. INR 1,820 Cr, subject to unitholders and other regulatory approvals.

The REIT announces acquisition of:

a)    Pramaan Properties Private Limited (“Pramaan”), which owns ~0.45 msf at Ascent – Worli (Mumbai), a premium newly completed commercial tower in Mumbai’s most prestigious Worli micro-market; and an Office Building spread across ~0.1msf located in the thriving Kalyani Nagar micro-market, Pune.

b)   Sundew Real Estate Private Limited (“Sundew RE”), which owns ~0.2 msf of premium office space at The Square Avenue 98 (BKC Annex), a strategically located Grade A office building in Mumbai’s financial epicentre, BKC & BKC Annexe.

These acquisitions collectively represent ~0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of ~INR 3,106 Cr[1] by independent valuers. The acquisition will be completed at a c. INR 2,916 Cr gross acquisition price, representing a c. 6.1% discount to the average of two independent valuations. Post-acquisition, the Mindspace REIT portfolio will expand to ~39 million square feet, and a strengthened presence across one of India’s most influential commercial corridors.

On a proforma basis, the acquisition is expected to deliver:

·   NOI growth of ~9%

·   DPU accretion of ~1.7%

·   Front-office portfolio value contribution rising to ~7.9%

·   Sustained and stable income streams backed by marquee tenants

These trophy assets enhance Mindspace REIT’s prime office portfolio, expand its footprint in key business districts, and support its long-term strategy of building a portfolio of resilient, income-generating assets in India’s most dynamic urban markets. They also offer embedded mark to market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties. After this acquisition, the Gross Asset Value (GAV) of Mindspace REIT is set to increase from c. INR 41,020 Cr to c. INR 44,126 Cr.

Speaking on the acquisition, Mr. Ramesh Nair, MD and CEO of Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward - invest in great locations, work with great tenants, and create durable value for our unitholders. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.”

Transaction Highlights:

Overview of Assets:

o  Leasable area of c. 0.8 msf in aggregate.

o  Gross Asset Value of ~INR 3,106 Cr as per independent valuations.

o  Marquee tenants, including 2 of the biggest names on Wall Street. 

o  Committed Occupancy: Ascent - Worli – c.86% (Building completed in 2025); The Square Avenue 98 (BKC Annex) – 100%; Office Building (Pune) – 100%

Portfolio Enhancement:

o  Expands Mindspace REIT’s presence in prime front office CBD markets of Mumbai.

o  WALE of c. 7 years, offering stable income along with growth potential.

o  The Square Avenue 98 (BKC Annex) offers value add opportunity through Mark to Market potential and area enhancement

Financial Highlights:

o  Acquisition price of c. INR 2,916 Cr (Enterprise Value), a c. 6.1% discount to the average of two independent valuations.

o  Purchase consideration of c. INR 1,820 Cr (for 100% Equity[2]).

o  Addition of c. INR 226 Cr to FY26 NOI on a proforma[3] basis; implying a growth of c. 9%.

Post-Acquisition Portfolio Metrics:

o  Portfolio size to grow from c. 38.2 msf to c. 39 msf.

o  Gross Asset Value (GAV) to increase from c. INR 41,020 Cr to c. INR 44,126 Cr

o  Loan-to-Value (LTV) ratio to increase marginally from 24.2% to 24.7%, enough headroom available for growth.

Over the years, Mindspace REIT has grown its portfolio through strategic acquisitions, including first sponsor acquisition of c. 1.82 msf Commerzone Raidurg, buying back third party units at Mindspace Madhapur; consolidation to full ownership at Commerzone Porur in Chennai; and selective expansions at Commerzone Yerwada in Pune, as well as its first third-party acquisition outside its portfolio parks - the c. 0.81 msf ‘The Square, 110 Financial District’ (formerly Q-City) in Hyderabad. The current transaction marks Mindspace REIT’s second Sponsor acquisition, further reinforcing its disciplined, value-accretive growth strategy and its commitment to delivering sustained value to unitholders. This transaction builds on the ~3.2 msf of acquisitions undertaken so far, marking another step in Mindspace REIT’s disciplined growth journey.

About Mindspace Business Parks REIT

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, first listed on the Indian bourses in August 2020. The REIT owns quality office portfolios located in four key office markets of India, namely Mumbai Region, Pune, Hyderabad, and Chennai, and is one of the largest Grade A office portfolios in India. The portfolio has a total leasable area of 38.2 msf comprising of 31.0 msf of completed area, 3.7 msf of area under construction and 3.5 msf of future development. The portfolio consists of 5 integrated business parks and 6 quality independent office assets with superior infrastructure and amenities. It has a diversified and high-quality tenant base, with over 270 tenants as of 30 September, 2025. Most of the buildings in the portfolio are either Gold or Platinum Green Building Certified (IGBC/LEED). The assets provide a community-based ecosystem and have been developed to meet the evolving standards of tenants, and the demands of ‘new age businesses’, making it amongst the preferred options for both multinational and domestic corporations. To know more visit www.mindspacereit.com

[1] GAV is calculated as average of valuation undertaken by two independent valuers L. Anuradha and ANVI Technical Advisors India Pvt. Ltd.

[2] 100% equity shareholding and interest in Pramaan and Sundew RE

[3] Proforma NOI & NDCF for FY26 based on actuals for H1 FY26 & considering H2 FY26 same as H1FY26 for MREIT & estimates for FY27 for acquisition assets