Chandru Raheja (K Raheja Corp Chairman) Divests 1.49% Stake in Mindspace Business Parks REIT for ₹500 Crore
K Raheja Corp Chairman Divests Mindspace REIT Stake
Billionaire Chandru Lachmandas Raheja has divested his holding in Mindspace Business Parks REIT by selling a 1.49 per cent stake for ₹500 crore through a bulk deal on the BSE. Raheja, Chairman of real estate major K Raheja Corp, sold 99,00,990 units, representing a 1.49 per cent unitholding in the Mumbai-based REIT.
Transaction Details
The transaction was executed on Monday at an average price of ₹505 per unit, taking the transaction value to ₹499.99 crore, according to exchange data. Following this divestment, the sponsor group's direct holding in the REIT decreased from 5.66% to 4.16%.
Details of the buyers of Mindspace Business Parks REIT's units could not be identified from the exchange data.
Mindspace Portfolio and K Raheja Corp's Role
Mindspace Business Parks REIT, a Sebi-registered real estate investment trust (REIT), has 36 million square feet (msf) of completed area, 6.6 msf under construction area and 3.6 msf future development area. It offers Grade-A integrated business parks, standalone office buildings, and high-tech data centres across key commercial districts in Mumbai, Hyderabad, Pune, and Chennai.
Anbee Constructions LLP and Cape Trading LLP, both part of K Raheja Corp Group, were the sponsors of the REIT. A year later, it listed part of its commercial properties, co-owned with private equity firm Blackstone, through Mindspace Business Parks REIT. This listing occurred in August 2020, carving out a portion of K Raheja Corp's broader commercial portfolio into the publicly traded REIT structure.
K Raheja Corp's Broader Real Estate Footprint
Raheja's latest transaction comes as the K Raheja Corp group continues to have a significant footprint in India's commercial real estate market, with brands such as Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop. K Raheja Corp is run by Chandru Raheja's sons Neel and Ravi. The group listed Chalet Hotels, which owns properties, including JW Marriott in Mumbai and Westin in Hyderabad, in 2019.
Founded in 1956 by Chandru Lalchand Raheja, K Raheja Corp is a property developer in India with interests in commercial and residential projects, malls and hospitality across multiple cities in the country. It owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India.