Mindspace REIT Bolsters Portfolio with ₹2,916 Crore Acquisition in Mumbai and Pune

Mindspace Business Parks REIT, a prominent player in India's commercial real estate sector, has expanded its Grade A office portfolio with a significant acquisition in Mumbai and Pune. The company has acquired a total of 8 lakh sq ft of three premium commercial assets for ₹2,916 crore, as disclosed in a regulatory filing on November 28. This strategic move deepens Mindspace REIT's footprint in the core business districts of Mumbai, including Worli and Bandra-Kurla Complex (BKC), and Pune’s Kalyani Nagar.

As a result of this acquisition, Mindspace REIT's overall portfolio, which was 38.2 million sq ft as of September 30, will grow to nearly 39 million sq ft, solidifying its position among the top office asset owners in India. The deal includes a preferential issue of units worth approximately ₹1,820 crore, subject to unitholder and regulatory approvals.

The newly acquired assets comprise Pramaan Properties Private Limited, which owns approximately 0.45 million sq ft at Ascent – Worli, a newly developed premium commercial tower in Mumbai’s Worli micro-market. The REIT has also taken over an office property spanning roughly 0.1 million sq ft in Pune’s Kalyani Nagar business district. Additionally, it has acquired Sundew Real Estate Pvt Ltd, which owns nearly 0.2 million sq ft at The Square Avenue 98 (BKC Annex) — a Grade A commercial building in Mumbai’s financial heart, housing prominent global tenants.

According to independent valuers, the combined portfolio carries a Gross Asset Value of ₹3,106 crore. These assets not only enhance Mindspace’s overall footprint but also provide embedded mark-to-market potential, opportunities for value creation, and access to strong rental momentum, driven by sustained demand in India’s top office markets.

Mindspace REIT’s existing portfolio spans five large integrated business parks and six independent office assets across the Mumbai Metropolitan Region, Pune, Hyderabad, and Chennai. With the addition of the new Mumbai and Pune assets, the REIT is doubling down on its strategy of curating a stable, institutionally managed, income-generating collection of properties in supply-constrained, high-value markets.

“These trophy assets enhance Mindspace REIT’s prime office portfolio, expand its footprint in key business districts, and support its long-term strategy of building a portfolio of resilient, income-generating assets in India’s most dynamic urban markets,” the company stated. It added that the properties come with robust occupancy, strong tenant covenants, and clear avenues for rental growth.

Speaking about the acquisition, Ramesh Nair, MD and CEO of Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names of Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward - invest in great locations, work with great tenants, and create durable value for our unitholders.”

India's commercial real estate market is experiencing a resurgence with strong demand from global capability centers, tech companies, BFSI tenants, and new economy firms. Both Mumbai and Pune are maintaining their positions as the leading office leasing markets in India, driven by a shortage of supply in prime localities and increasing attention to top-notch, sustainability-driven workspaces.

For Mindspace REIT, the addition of these centrally located Grade A+ properties not only boosts portfolio attractiveness but also positions the REIT to benefit from rental escalations, strengthened tenant profiles, and continued absorption in gateway cities. The move reflects the confidence of institutional investors in India’s office market resilience, even amid global macroeconomic uncertainties.

With this acquisition, Mindspace REIT further deepens its exposure to the country’s most valuable commercial corridors, reinforcing its long-term strategy of delivering stable, predictable returns backed by premium office assets and marquee tenants.