Mindspace Business Parks REIT has announced a landmark ₹3,000 crore acquisition of a 51% stake in International Tech Park Chennai – Radial Road, marking a major expansion of its presence in the city’s fast-growing office market. The asset, acquired from a fund managed by CapitaLand Investment in partnership with 360 ONE Asset, strengthens Mindspace REIT’s position along the high-potential Pallavaram–Thoraipakkam Road corridor and underscores its strategy of acquiring high-quality, income-generating office assets in key growth markets.

The ITPC – Radial Road campus comprises two towers, each of c. 1.3 million sq. ft., having committed occupancy of c. 87% in Tower 1, and c. 28% in Tower 2 – completed recently in September 2025. The asset offers mark-to-market potential in Tower 1, with recent deals in the micro-market closing at around INR 85 per sq. ft. per month. The campus is anchored by marquee multinational tenants, including the world’s largest retailer, a global financial services provider and a global wind technology leader, which together account for c. 70% of the leased area. This emphasises both the quality of the tenant roster and the institutional character of the asset. This announcement follows Mindspace REIT’s recent strategic acquisition of Commerzone Pallikaranai, a c. 2.6 million sq. ft. Grade A office asset, also in Chennai’s PTR office corridor, at c. INR 2,541 Cr, further strengthening the REIT’s presence in this micro-market.

The simultaneous acquisition of the recently announced Commerzone Pallikaranai and ITPC – Radial Road, two institutional‑quality office campuses of c. 2.6 million sq. ft. each, creates synergies along Chennai’s PTR corridor. With a combined footprint of approximately c. 5.2 million sq. ft., Mindspace REIT will own the largest portfolio in the PTR market, offering occupiers a wider choice of high-quality office spaces. It also positions the REIT among the top two office asset owners in Chennai.

The acquisition represents Mindspace REIT’s third acquisition in Chennai and further reinforces its strategy to grow inorganically through both sponsor and non-sponsor acquisitions, acquiring high-quality, income-generating assets in key growth markets. This builds on c. 6.6 million sq. ft. of acquisitions undertaken across the country to date, and marks another decisive step in Mindspace REIT’s disciplined growth journey.

Upon completion of both transactions, Mindspace REIT’s total leasable portfolio will increase from c. 39.0 million sq. ft. to c. 44.2 million sq. ft., and its gross asset value (GAV) shall rise from approximately INR 44,130 Cr to INR 48,321 Cr, reinforcing both the scale and quality of the portfolio. The acquisition strengthens the potential Chennai footprint to c. 6.3 million sq. ft. It also enhances portfolio diversification, with Chennai’s share to grow from c. 3% to c. 14% by area.

This transaction will be jointly undertaken by Mindspace REIT and 360 ONE Asset, via its real assets funds through the acquisition of Radial IT Park Private Limited, the holding entity of the asset, with Mindspace REIT acquiring a 51% stake and 360 ONE Asset’s real assets funds holding the remaining 49%, subject to necessary approvals. This partnership with 360 ONE Asset brings together complementary institutional expertise and a shared investment philosophy, enabling the acquisition of a high-quality, large-scale asset. On completion, the asset will be rebranded as ‘One Radial’ by Mindspace REIT. The transaction ranks among the most significant office deals in India, in the recent past.

Ramesh Nair, MD and CEO, Mindspace REIT, said, “The acquisition of this institutional-quality, low-carbon campus in a high-growth corridor, anchored by blue-chip tenants and long leases, with clear income visibility makes it a strong strategic fit. Building on our recent acquisition of Commerzone Pallikaranai, this asset acquired from a fund under CapitaLand Investment, a leading global real asset manager, positions us as one of the largest owners of commercial office assets in Chennai. We are pleased to partner with 360 ONE Asset, a strategically aligned institutional investor, and are well-positioned to drive meaningful long-term growth and value creation for our unitholders.”

Deepak Aswani, CIO, Real Assets, 360 ONE Asset, said, “This acquisition exemplifies our approach to building a differentiated real assets platform that combines disciplined investment selection with strategic partnerships alongside leading institutional managers. This transaction strengthens our position as one of the leading homegrown alternatives players and reinforces our commitment to offering clients exclusive, institutional-grade opportunities that have historically been accessible only to large institutions. We are pleased to co-invest alongside Mindspace REIT, one of India’s most respected office REIT platforms, in International Tech Park, Chennai, a high-quality, income-generating asset in a market with strong structural tailwinds.”

Transaction Highlights:

·      Overview of Asset:

o  Leasable area of c. 2.6 million sq. ft.

o  Committed Occupancy of c. 87% in Tower 1 (c. 1.3 million sq. ft.) and recently completed Tower-2 in September 2025 (c. 1.3 million sq. ft.) has c. 28% Committed Occupancy

o  Marquee MNC anchor tenants, including the world’s largest retailer, global financial services provider and a global wind technology leader amongst others

·      Financial Highlights:

o  Gross Acquisition Price of INR 3,000 Cr, a discount of c. 2% to independent valuation

o  Addition of c. INR 241 Cr to NOI on a proforma basis (of which 51% is attributable to Mindspace REIT)

o  Loan-to-Value (LTV) ratio to increase from 28.0% to 30.3%

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, in the design stage. The project was also certified with IGBC Platinum certification (design stage) and WELL pre-certification, reinforcing its credentials as a next-generation, sustainability-led office campus. Strategically located on Pallavaram–Thoraipakkam Road (PTR), a well-established commercial corridor and a high-growth alternative to Old Mahabalipuram Road, the asset is well positioned to capture demand spillover while offering meaningful rental re-rating potential.

Market Overview:

Chennai remains one of India’s tightest office markets, driven by resilient demand, low vacancy and rising supply constraints across key corridors. PTR is a well-established office market, supported by one of the city’s widest road corridors, upcoming metro connectivity, proximity to the airport, strong residential catchments and quality hotels. As supply tightens in other micro-markets, PTR is well positioned to capture incremental demand and rental upside. Against this backdrop, the acquisition offers Mindspace REIT a strong leasing advantage in a high-conviction market.