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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