Mindspace REIT Completes ₹3,000 Crore Acquisition of 51% Stake in International Tech Park Chennai (Radial Road) Adding 2.6 Million Sq Ft
Mindspace REIT Completes ₹3,000 Crore Acquisition of International Tech Park Chennai
Mindspace Business Parks REIT completed the acquisition of a 51% stake in Radial IT Park Private Limited on June 8, 2026, securing control over the International Tech Park Chennai located on Radial Road. The transaction adds an office property with a total leasable area of approximately 2.6 million square feet to its portfolio. The remaining 49% stake in the target company was acquired by 360 One Real Assets Advantage Fund along with its affiliates on the same date.
The Asset
ITPC – Radial Road is located on Pallavaram–Thoraipakkam Road (PTR) in Chennai. The campus comprises two towers, each of approximately 13 lakh sq ft, totalling approximately 26 lakh sq ft. Tower 1 has committed occupancy of approximately 87%, while Tower 2, completed in September 2025, has committed occupancy of approximately 28%.
ITPC – Radial Road is India's first low-carbon business park to be certified as net zero across the parameters of water, energy, and waste management at the design stage. The project also holds IGBC Platinum certification at the design stage and WELL pre-certification. The asset is anchored by marquee multinational tenants — including the world's largest retailer, a global financial services provider and a global wind technology leader.
Expansion of Chennai Presence
This is Mindspace REIT's third acquisition in Chennai and builds on approximately 66 lakh sq ft of acquisitions across the country. It follows the recent acquisition of Commerzone Pallikaranai, a 26-lakh-sq-ft Grade A office asset also on the PTR corridor, for approximately ₹2,541 crore. Together, the two PTR assets give Mindspace REIT a combined footprint of approximately 52 lakh sq ft on the corridor, making it the largest portfolio holder in the PTR market.
Chennai's share in the REIT's portfolio will grow from approximately 3% to approximately 14% by area. Upon completion of both transactions, Mindspace REIT's total leasable portfolio will increase from approximately 3.9 crore sq ft to approximately 4.42 crore sq ft, and its gross asset value (GAV) will rise from approximately ₹44,130 crore to approximately ₹48,321 crore. On completion, the asset will be rebranded as 'One Radial' by Mindspace REIT.
K Raheja Corp's Commercial Leadership
K Raheja Corp Investment Managers is managing the Mindspace REIT. K Raheja Corp owns the brands Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop, and is the second largest commercial developer in India. Under the Mindspace banner, K Raheja Corp also operates Mindspace Office Parks, which is a real estate investment trust (REIT).
K Raheja Corp operates its commercial business under the brands Mindspace and Commerzone with projects in Mumbai, Hyderabad, Pune and Chennai. The ITPC acquisition marks Mindspace REIT's continued inorganic growth strategy in India's key commercial hubs, with institutional-grade assets and marquee tenants.
Deal Structure
To govern the rights, responsibilities, and management of the target company, Mindspace REIT entered into a shareholder's agreement with the co-investor as required under the REIT Regulations. The seller is AIGP2 Chennai 1 Pte Ltd, a 100% subsidiary of CapitaLand India Growth Fund 2 (CIGF2).