Mindspace REIT Expands Portfolio with Rs 2,916 Crore Acquisition in Mumbai and Pune

Mumbai/Pune, 1st December 2025: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), a leading owner of quality Grade A office portfolio located in four key office markets of India, has announced the acquisition of three prime Central Business District (CBD) assets for approximately Rs 2,916 crore from K Raheja Corp. The Board of the Manager to Mindspace Business Parks REIT has approved the acquisition and the preferential issue of units aggregating up to Rs 1,820 crore, subject to unitholders and other regulatory approvals.

The REIT has announced the acquisition of:

a) Pramaan Properties Private Limited (‘Pramaan’), which owns approximately 0.45 million square feet (msf) at Ascent – Worli, a premium newly completed commercial tower in Mumbai’s prestigious Worli micro-market, and an Office Building spread across approximately 0.1 msf located in the thriving Kalyani Nagar micro-market, Pune.

b) Sundew Real Estate Private Limited (‘Sundew RE’), which owns approximately 0.2 msf of premium office space at The Square Avenue 98 (BKC Annex), a strategically located Grade A office building in Mumbai’s financial epicentre, BKC & BKC Annexe.

These acquisitions collectively represent approximately 0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of approximately Rs 3,106 crore by independent valuers. The acquisition will be completed at a gross acquisition price of approximately Rs 2,916 crore, representing a discount of about 6.1% to the average of two independent valuations. Post-acquisition, the Mindspace REIT portfolio will expand to approximately 39 million square feet, strengthening its presence across one of India’s most influential commercial corridors.

On a proforma basis, the acquisition is expected to deliver:

- NOI growth of approximately 9% - DPU accretion of approximately 1.7% - Front-office portfolio value contribution rising to approximately 7.9% - Sustained and stable income streams backed by marquee tenants

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. They also offer embedded mark to market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties. After this acquisition, the Gross Asset Value (GAV) of Mindspace REIT is set to increase from approximately Rs 41,020 crore to approximately Rs 44,126 crore.

Speaking on 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. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.”

Transaction Highlights:

- Overview of Assets: - Leasable area of approximately 0.8 msf in aggregate. - Gross Asset Value of approximately Rs 3,106 crore as per independent valuations. - Marquee tenants, including 2 of the biggest names on Wall Street. - Committed Occupancy: Ascent – Worli – approximately 86% (Building completed in 2025); The Square Avenue 98 (BKC Annex) – 100%; Office Building (Pune) – 100%.

- Portfolio Enhancement: - Expands Mindspace REIT’s presence in prime front office CBD markets of Mumbai. - Weighted Average Lease Expiry (WALE) of approximately 7 years, offering stable income along with growth potential. - The Square Avenue 98 (BKC Annex) offers value add opportunity through Mark to Market potential and area enhancement.

- Financial Highlights: - Acquisition price of approximately Rs 2,916 crore (Enterprise Value), a discount of about 6.1% to the average of two independent valuations. - Purchase consideration of approximately Rs 1,820 crore (for 100% Equity). - Addition of approximately Rs 226 crore to FY26 NOI on a proforma basis, implying a growth of approximately 9%.

- Post-Acquisition Portfolio Metrics: - Portfolio size to grow from approximately 38.2 msf to 39 msf. - Gross Asset Value (GAV) to increase from approximately Rs 41,020 crore to Rs 44,126 crore. - Loan-to-Value (LTV) ratio to increase marginally from 24.2% to 24.7%, with enough headroom available for growth.

Over the years, Mindspace REIT has grown its portfolio through strategic acquisitions, including the first sponsor acquisition of approximately 1.82 msf Commerzone Raidurg, buying back third-party units at Mindspace Madhapur, consolidation to full ownership at Commerzone Porur in Chennai, and selective expansions at Commerzone Yerwada in Pune, as well as its first third-party acquisition outside its portfolio parks – the approximately 0.81 msf ‘The Square, 110 Financial District’ (formerly Q-City) in Hyderabad. The current 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. This transaction builds on the approximately 3.2 msf of acquisitions undertaken so far, marking another step in Mindspace REIT’s disciplined growth journey.

[1] GAV is calculated as the average of valuation undertaken by two independent valuers L. Anuradha and ANVI Technical Advisors India Pvt. Ltd.

[2] 100% equity shareholding and interest in Pramaan and Sundew RE

[3] Proforma NOI & NDCF for FY26 based on actuals for H1 FY26 and considering H2 FY26 same as H1FY26 for MREIT and estimates for FY27 for acquisition assets