Mindspace Business Parks REIT Acquires Three Prime CBD Assets from K Raheja Corp for ₹2,916 Crore
Mindspace REIT Expands Portfolio with Three CBD Office Assets
Mindspace Business Parks REIT, sponsored by K Raheja Corp, has acquired three prime central business district (CBD) office assets for ₹2,916 crore from its sponsor K Raheja Corp. The three assets comprise 0.8 million square feet of space in Mumbai and Pune.
The acquisition includes Pramaan Properties, which owns approximately 0.45 million square feet at Ascent–Worli in Mumbai and a 0.1 million square foot office building in Kalyani Nagar, Pune, along with Sundew Real Estate, which owns approximately 0.2 million square feet of premium office space at The Square Avenue 98 (BKC Annex) in Mumbai.
Strategic Positioning in Mumbai's Top Office Corridors
Worli has strengthened its position as a preferred destination for financial services and media companies due to improved connectivity through the Bandra-Worli Sea Link and metro network, attracting firms such as Dream11, Goldman Sachs, and Mindspace. Office rents in this zone now average between ₹180 and ₹375 per square foot per month, with vacancy remaining at a tight 8.1 percent.
Ascent–Worli is a premium newly completed commercial tower in Mumbai's most prestigious Worli micro-market. The Square Avenue 98 in BKC Annex is currently 100% occupied and leased to JP Morgan, which has been occupying the building for over 15 years. Bandra-Kurla Complex (BKC) continues to remain Mumbai's leading institutional-grade business district, housing major financial institutions and premium office developments.
The Pune office building is located in the Kalyani Nagar micro-market, one of the affluent locations of Pune.
Valuation and Financial Structure
The three assets have a Gross Asset Value of approximately ₹3,106 crore as per independent valuations. The acquisition will be completed at ₹2,916 crore gross acquisition price, representing a 6.1 percent discount to the average of two independent valuations.
The Board of the Manager to Mindspace REIT has approved the acquisition and preferential issue of units aggregating up to ₹1,820 crore, subject to unitholders' and other regulatory approvals.
Portfolio Expansion and Market Position
Mindspace REIT, sponsored by K Raheja Corp, currently has a portfolio of 38.2 million square feet of commercial space and the same will expand to 39 million square feet after the completion of the acquisition. Mindspace REIT's existing portfolio consists of 5 integrated business parks and 6 independent office assets across Mumbai region, Pune, Hyderabad and Chennai.
This 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.
Occupancy and Operational Performance
Committed occupancy stands at approximately 86 percent for Ascent–Worli (which was completed in 2025), 100 percent for The Square Avenue 98 (BKC Annex), and 100 percent for the Pune office building. The acquired assets include marquee tenants, with two of the biggest names on Wall Street as anchor tenants.
The acquisition is expected to add approximately ₹226 crore to FY26 net operating income on a proforma basis, implying a growth of approximately 9 percent.
Developer Context: K Raheja Corp's Commercial Portfolio
Founded in 1956 by Chandru Raheja, K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. K Raheja Corp has revolutionized the concept of business districts, with a commercial portfolio that has developed over 54 million square feet of Grade-A office spaces across key metro cities of India.
In August 2020, a part of the commercial portfolio was carved into a listed entity, Mindspace Business Parks REIT on the Indian bourses. K Raheja Corp is the second largest commercial developer in India and also owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop.