Mindspace Business Parks REIT acquires three office assets from sponsor K Raheja Corp for ₹2,916 crore
BENGALURU
: Mindspace Business Parks REIT has acquired two office assets in Mumbai and one in Pune from sponsor K Raheja Corp. ₹2,916 crore as real estate investment trusts (Reits) continue to acquire properties to expand their portfolios.
The three Class A assets are: a newly completed commercial tower called Ascent in Mumbai’s posh Worli area, an office building called The Square Avenue 98 in the city’s BKC Annex area and a third office building in Pune’s Kalyani Nagar.
Mindspace Business Parks REIT announced on Friday that the foundation manager’s board of directors approved the acquisition and concessional issuance of the units.
The acquisitions collectively amount to approximately 0.8 million square meters of leasable area and are valued at gross asset value (GAV). ₹3,106 crore was obtained by independent valuers, the company said. Following the acquisition, Mindspace Business Parks REIT’s GAV is expected to increase since February: ₹41,020 crore ₹44,126 crore.
“Introducing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD (central business district) office locations. These are high-quality, institutional assets with strong cash flows and some of the biggest names on Wall Street are anchor tenants. They enhance the scale, stability and long-term growth of our portfolio,” said Ramesh Nair, managing director and CEO, Mindspace Business Parks REIT.
Mindspace Business Parks REIT is one of four publicly traded office REITs in the country. The other three are Embassy Office Parks REIT, Brookfield India Real Estate Trust (BIRET) and Knowledge Realty Trust (KRT).
All office REITs saw their net operating income, occupancy levels and distributions increase in the first half of 2025-26. Mint It was reported in November. This is expected to continue in the second half of FY26, depending on demand and rentals from global capacity centers (GCCs) and local users.
market momentum
We pool income-producing real estate assets, such as office parks and shopping centers, into a real estate pool to help investors earn a share of the revenue generated without purchasing the properties. Securities and Exchange Board of India (Sebi) regulations require at least 80% of a REIT’s assets to be completed and income-generating.
Nair said Mindspace aims to grow by acquiring both third-party assets and right of first offer (Rofo) assets from sponsors Mint in a recent interview.
Other REITs are also buying assets.
Brookfield Reit had in November announced plans to acquire 100% stake in Ecoworld, a 7.7 million sq ft Class A office park in Bengaluru. ₹13,125 crore. The property is currently part of Brookfield Properties’ portfolio. Following the acquisition, Brookfield Reit’s (BIRET) operating area is expected to increase by 31%, and GCCs’ share of tenancies is expected to increase to 45%.
As leasing has increased, committed occupancy levels for all office Properties have exceeded 90% and some expect them to reach the mid-90s by the end of FY26.
India’s REIT market has seen significant expansion in six years; market value increased from $3.1 billion in 2019-2020 to $19 billion as of September 30, 2025.
The sector has transformed from a single REIT to five publicly traded REITs collectively controlling 174 million sq ft of leasable office and retail space in 2019, highlighting its strong growth trajectory, real estate consultancy JLL India said in a report released this week. Nexus Select Trust is the fifth and only retail-focused REIT in the nation, along with four office REITs.
