Billionaire Chandru Lachmandas Raheja has divested his holding in Mindspace Business Parks REIT by selling a 1.49 per cent stake for Rs 500 crore through a bulk deal on the BSE.

After the stake sale, Mindspace Business Parks REIT were trading 0.18 per cent lower at Rs 504.05 a unit on Tuesday, PTI reported.

Raheja, Chairman of real estate major K Raheja Corp, sold 99,00,990 units, representing a 1.49 per cent unitholding in the Mumbai-based REIT.

The transaction was executed on Monday at an average price of Rs 505 per unit, taking the transaction value to Rs 499.99 crore, according to exchange data.

Details of the buyers of Mindspace Business Parks REIT’s units could not be identified from the exchange data.

Raheja’s latest transaction comes as the K Raheja Corp group continues to have a significant footprint in India’s commercial real estate market, with brands such as Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop.

Mindspace Business Parks REIT, a Sebi-registered real estate investment trust (REIT), has 36 million square feet (msf) of completed area, 6.6 msf under construction area and 3.6 msf future development area.

It offers Grade-A integrated business parks, standalone office buildings, and high-tech data centres across key commercial districts in Mumbai, Hyderabad, Pune, and Chennai.

Anbee Constructions LLP and Cape Trading LLP, both part of K Raheja Corp Group, were the sponsors of the REIT.

K Raheja Corp is run by Chandru Raheja’s sons Neel and Ravi. The group listed Chalet Hotels, which owns properties, including JW Marriott in Mumbai and Westin in Hyderabad, in 2019.

A year later, it listed part of its commercial properties, co-owned with private equity firm Blackstone, through Mindspace Business Parks REIT.