Mindspace Business Parks REIT acquires three office assets from sponsor K Raheja Corp for ₹2,916 crore
This move adds around 0.8 million sq ft of leasable area, boosting the Reit’s gross asset value and reinforcing its presence in key central business district locations.
BENGALURU
:
Mindspace Business Parks REIT has acquired two office assets in Mumbai and one in Pune from sponsor K Raheja Corp for ₹2,916 crore, as real estate investment trusts (Reits) continue to acquire properties to expand their portfolios.
The three Grade-A assets are—a newly completed commercial tower named Ascent in Mumbai's upscale Worli area, an office building named The Square Avenue 98 in the city's BKC Annex locality, and a third office building in Pune's Kalyani Nagar.
Mindspace Business Parks REIT announced on Friday that the board of the trust's manager has approved the acquisition and preferential issue of units.
The acquisitions collectively amount to around 0.8 million sq ft of leasable area, valued at a gross asset value (GAV) of ₹3,106 crore by independent valuers, the company said. Following the acquisition, the GAV of Mindspace Business Parks REIT is expected to increase from ₹41,020 crore to ₹44,126 crore.
“Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD (central business district) office locations. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names on Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio," said Ramesh Nair, managing director and CEO of Mindspace Business Parks REIT.
Mindspace Business Parks REIT is one of the four publicly listed office Reits in the country. The other three are Embassy Office Parks REIT, Brookfield India Real Estate Trust (BIRET) and Knowledge Realty Trust (KRT).
All the office Reits have seen their net operating income, occupancy levels and distribution grow in the first half of 2025-26, Mint reported in November. This is expected to continue in H2 FY26, driven by demand and leasing from global capability centres (GCCs) and domestic occupiers.
Market momentum
Reits pool income-generating real estate assets, such as office parks and shopping malls, to help investors earn a share of the income produced without purchasing the properties. The Securities and Exchange Board of India (Sebi) regulations require at least 80% of a Reit’s assets to be completed and income-producing.
Mindspace is eyeing growth by acquiring both third-party assets and right-of-first-offer (Rofo) assets from sponsors, Nair had told Mint in a recent interview.
Other Reits have also been acquiring assets.
Brookfield Reit in November said it plans to acquire a 100% interest in Ecoworld, a 7.7 million sq ft Grade A office park in Bengaluru, for ₹13,125 crore. The property is currently part of Brookfield Properties' portfolio. Following the acquisition, Brookfield Reit's (BIRET) operating area is expected to increase by 31%, while the share of GCCs in tenancy is projected to rise to 45%.
With increased leasing, committed occupancy levels for all office Reits have crossed 90% and some expect them to reach the mid-90s mark by the end of FY26.
India's Reit market has achieved remarkable expansion over six years, with market capitalization growing from $3.1 billion in 2019-2020 to $19 billion as of 30 September 2025.
The sector has evolved from a single Reit in 2019 to five listed Reits collectively controlling 174 million sq ft of leasable office and retail space, highlighting its robust growth trajectory, property advisory JLL India said in a report this week. Besides the four office Reits, Nexus Select Trust is the fifth and only retail-focused Reit in the country.
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