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.

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.

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Fully leased asset, enhancing Occupancy and long-term Stability of the Portfolio

c.100% Leased to a Marquee Fortune 500 GCC

Acquisition at a c.7.5% discount to average of 2 Independent Valuations

Bengaluru, January 29, 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces acquisition of 100% equity shareholding in Sustain Properties Private Limited (“Sustain”), holding c.1.82 msf at Commerzone Raidurg, a Grade-A commercial asset located in Hyderabad’s Madhapur micro-market. This acquisition is pursuant to the Right of First Offer (ROFO) agreement entered by Mindspace REIT with the Sponsors. This acquisition aligns well with the growth strategy of Mindspace REIT, enhancing portfolio scale, income stability, and unitholder returns.

Speaking on the acquisition, Mr. Ramesh Nair, CEO of Mindspace REIT, said, “The acquisition of Commerzone Raidurg is a key milestone in Mindspace REIT’s commitment to delivering value and growth for unitholders. Located in Hyderabad’s prime central business district, this Grade-A+, fully leased asset enhances our portfolio, boosts income stability, and aligns with our growth strategy. With a marquee tenant and mark to market potential, it reinforces our position as a leader in India’s commercial real estate sector and reflects our focus on strategic investments in high-quality, income-generating assets. This acquisition strengthens our presence in a dynamic market and supports long-term financial stability.”

Transaction Highlights:

Portfolio Enhancement:

• Strengthens Mindspace REIT’s presence in Hyderabad, taking portfolio size to c.15 msf ⁽¹⁾
• WALE of c.12 years, offering long term stable income
• Rentals at INR 69 ⁽²⁾ psf per month, indicating significant mark-to-market (MTM) potential

Financial Highlights:

• Acquisition price of INR 2,038 Crore, a 7.5% discount to the average of two independent valuations
• Purchase consideration of c.INR 613 Crore
• Addition of c.INR 167 Crore⁽²⁾ to FY25 NOI on a proforma basis; implying a growth of c.8.2% ⁽³⁾

Post-Acquisition Portfolio Metrics:

• Portfolio size to grow from c.34.8 msf to c.36.6 msf
• Committed occupancy to increase from 91.5% to 92%
• Gross Asset Value (GAV) to increase to c.INR 33,550 Crore
• Loan-to-Value (LTV) ratio to increase to 25.3%, headroom available for growth

The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and preferential issue of units aggregating up to c.INR 613 Crore, subject to unitholders and other regulatory approvals, as may be required.

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Peter McGettrick, Chairman of British Safety Council, said: “On behalf of the board of trustees and staff of the British Safety Council I would like to congratulate Mindspace Business Parks REIT on achieving the highest standards of its health and safety management. These awards recognise the commitment, dedication and absolute professionalism undertaken. We are proud to support your organisation in its achievement and delighted we can contribute to your ongoing success”

Mike Robinson, Chief Executive of British Safety Council, added: “I would like to congratulate Mindspace Business Parks REIT and its staff on this award, in tribute to their commitment to keeping their workplace safe and healthy and/or contributing to safeguarding the environment. All of the Sword, Globe and Shield – award-winning organisations share a commitment and resolve to achieve the uppermost standards of health and safety. We thank Mindspace REIT for contributing to achieving our vision that no-one should be injured or made ill through their work.”

Mindspace REIT’s achievement is supported by several initiatives, including visible leadership commitment, robust safety management systems, comprehensive mental health support programs like Employee Assistance Programs and a well-structured risk management framework. Going forward, Mindspace REIT plans to further enhance its health and safety practices by leveraging advanced technologies for performance tracking and strengthening its behaviour-based safety programs.

Speaking on this achievement, Mr. Ramesh Nair, CEO, Mindspace Business Parks REIT, said, “This recognition from British Safety Council affirms our commitment to creating safe and healthy environments across our portfolio. At Mindspace REIT, we believe that fostering secure and supportive workplaces lays the groundwork for dynamic, thriving communities. Each day, our teams dedicate themselves to upholding the highest standards in occupational health and safety, cultivating spaces where both businesses and people can flourish. Being honoured across 10 of our assets reflects our consistent focus on ESG excellence and strengthens our resolve to set new benchmarks in creating sustainable, healthy workspaces.”

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Mindspace REIT to develop 3 additional facilities totaling ~1 msf, taking the REIT’s Data Center portfolio to 5 buildings, and a total of 1.65 million sq. ft., upon completion

Bengaluru, September 25, 2024 – Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), has entered into a strategic partnership with Princeton Digital Group (‘PDG’), a global leader in data center operations, to develop PDG’s flagship and largest data center campus in India, at Mindspace Airoli West. Under this new agreement, Mindspace REIT will develop 3 additional state-of-the-art, built-to-suit data centers, adding a further 1 million sq. ft. to its portfolio. The REIT has already developed 2 data centers for PDG, measuring ~0.63 million sq. ft. Upon completion, the Business Park will feature 5 cutting edge data center buildings and the total data center footprint within the Mindspace REIT portfolio will stand at ~1.65 million sq. ft. This landmark development spanning ~15 acres, will become a part of the larger 50-acre campus ecosystem of Mindspace Airoli West.

Speaking on the deal, Mr. Ramesh Nair, CEO, Mindspace REIT said in a statement, “We are delighted to partner with PDG in their India expansion. This deal reinforces our commitment to diversifying our portfolio and tapping into high-growth sectors like data centers. For us, integrating data centers into our portfolio makes strategic sense as they offer stable and long-term revenue streams, future proofs our portfolio, and help diversify income sources.”

With a focus on sustainability, Mindspace REIT will provide PDG with a full range of turnkey services, including power infrastructure, tailored to meet sustainability goals. These efforts align with the REIT’s commitment to supporting digital transformation while maintaining environmental responsibility.

Navi Mumbai has become a leading hub for cloud infrastructure, driven by its strategic location near submarine cable landing stations, stable power supply with zero outage, availability of renewable energy, and robust infrastructure. The micro-market is also well-positioned to accommodate the growth of AI technologies, making it an ideal choice for AI-enabled data center campuses.

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Part of its Endeavour to Achieve Net Zero Certification by 2042

Bengaluru, Sept 17, 2024 – Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces its partnership with the Global Network for Zero (GNFZ), the world’s premier independent net zero certification body. This partnership marks a major milestone in Mindspace REIT’s dedication to environmental sustainability, advancing its goal to certify the entire portfolio as net zero by 2042.

The certification process will begin with the evaluation of one of the buildings at Mindspace Airoli West, situated near the vibrant residential micro-markets of Thane and Navi Mumbai. Already a ‘Platinum’ certified building under LEED v4.1 O+M, it exemplifies high-performance building standards and efficient systems. To align with the GNFZ’s net zero transformation strategy, this building will reduce Scope 1, Scope 2, and Scope 3 emissions through energy efficiency upgrades, green power procurement, and green leases for occupants.

This new partnership builds upon Mindspace REIT’s longstanding commitment to sustainable practices which has resulted in:

• 99.9% of the REIT portfolio being green certified of which 22 million sq. ft of leasable area is platinum certified
• Successful implementation of an Infrastructure Monitoring & Operations Centre (IMOC) for enhanced efficiency and reduced environmental impact
• 30-45% margin for potable water savings across the green building portfolio
• 30% more fresh air than what is mandated by ASHRAE standards
• Over 80% of construction waste intelligently reused across green buildings

Ramesh Nair, CEO, Mindspace REIT said in a statement “Partnering with the Global Network for Zero is a key milestone in our sustainability journey. Their independent certification aligns with our goals and helps us accelerate our journey to net zero. This partnership strengthens our commitment to sustainable excellence for our occupants, stakeholders, and communities. We’re excited to lead the way towards a net zero future, making a significant impact on emission reduction and environmental stewardship.”

Mahesh Ramanujam, GNFZ CEO and Co-Founder, adds, “Mindspace REIT has been at the forefront of remarkable leadership in sustainability. I have been an admirer and supporter of their efforts for many years now for ensuring environmental consciousness while retaining the top position in offering world class commercial spaces for the biggest multinationals. I am honoured and excited to contribute to their next critical phase of net zero emissions for one of their buildings at Mindspace Business Parks with Global Network for Zero. It is a massive undertaking — but with the leadership of Ramesh Nair and others who are making the necessary strides forward in this business, we finally not only have hope, but tangible commitments towards cutting down emissions in the real estate sector that contributes a major part to global emissions.”

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Bengaluru, June 25, 2024: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio announces its INR 650 Crore (6.5Bn) Sustainability Linked Bond Issuance that has been placed with International Finance Corporation (IFC), the private sector arm of the World Bank Group. The coupon of the bond is linked to Mindspace’s commitment to achieve certain ESG targets towards building a greener eco-system.

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