Mindspace REIT Completes ₹1,817 Crore Acquisition of Three Assets — Square Avenue 98, Ascent-Worli and Raheja Woods Office Building — via Preferential Unit Allotment
Mindspace REIT Closes ₹1,817 Crore Acquisition of Prime Mumbai and Pune Offices
Mindspace Business Parks REIT finalized the acquisition of three commercial properties valued at ₹1,817.24 crore on January 9, 2026, executed through a preferential allotment of new units, significantly expanding the REIT's portfolio in the key markets of Mumbai and Pune. The acquisition was funded by issuing 3,91,59,342 new units at a price of ₹464.64 per unit.
The Three Assets
The REIT acquired three properties: The Square Avenue 98 (BKC Annex) and Ascent-Worli in Mumbai, and the Raheja Woods Office Building in Pune. The acquisition added approximately 0.93 million square feet of leasable area, with the potential to increase to over 1.0 million square feet.
The Square Avenue 98 (BKC Annex) comprises approximately 0.16 million square feet of fully leased existing area with potential to enhance area to approximately 0.22 million square feet through area enhancement. Bandra Kurla Complex is located in the Bandra East area of Mumbai, and is a prominent upscale hub considered one of the most expensive neighbourhoods in the world.
Ascent-Worli is a 0.45 million square feet Grade A office asset located in Worli, Mumbai along with 36 residential units (to be rented), and is approximately 86% leased. The Pune asset of approximately 0.1 million square feet and an amenity building located in Kalyani Nagar is 100% leased. The office building in Kalyani Nagar consists of five floors of space for information technology (IT) and IT-enabled businesses.
Financial Impact and Portfolio Growth
The Gross Asset Value (GAV) of the REIT is set to increase from approximately ₹41,020 crore to ₹44,126 crore. On a proforma basis, the deal is projected to deliver a Net Operating Income (NOI) growth of approximately 9% and an accretion in Distributions Per Unit (DPU) of around 1.7%.
The preferential allotment was made to the shareholders of the acquired entities, Sundew Real Estate Private Limited and Pramaan Properties Private Limited. The preferential issue received overwhelming approval from unitholders through a postal ballot process conducted from November 29, 2025, to December 28, 2025, with both resolutions securing over 99.99% of votes in favour.
Strategic Positioning and Growth Plan
Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020. The REIT owns quality office assets located in four key office markets of India, namely the Mumbai Region, Pune, Hyderabad, and Chennai, and has one of the largest Grade-A office portfolios globally. K Raheja Corp, the sponsor, is the second largest commercial developer in India with 20 million square feet of office space as of 2017.
The acquisition is part of a larger, aggressive capital management strategy. On January 8, 2026, the REIT's Executive Committee approved a plan to raise up to ₹1.30 lakh crore through non-convertible debt securities and commercial papers. This fundraising initiative, which will be conducted in tranches, is designed to fuel future growth while maintaining consolidated borrowings at a maximum of 33% of the total asset value.
Morgan Stanley recently upgraded the REIT to overweight, citing strong leasing momentum and expanding demand from Global Capability Centers (GCCs).