Mindspace Business Parks REIT said on Saturday it has acquired 240,000 square feet (msf) of leasable area in Commerzone Porur, Chennai, for Rs 181.6 crore, including transaction costs. Mindspace Business Parks REIT said on Saturday it has acquired 240,000 square feet (msf) of leasable area in Commerzone Porur, Chennai, for Rs 181.6 crore, including transaction costs.
According to a company statement, the strategic acquisition helps Mindspace REIT consolidate its ownership of the project.
Mindspace REIT, through its asset SPV, currently owns 100% of the project, which has a gross leasable area of 1.1 sq. ft.
“Advanced negotiations in progress with a multinational client for an area of approximately 45,000 sq. ft. Acquired area.
“With this acquisition, Mindspace REIT’s gross leasable portfolio area grew from 32.1 msf to 32.3 msf…The transaction is debt-funded and there are no payments to the Manager for the acquisition. The acquisition makes the overall portfolio NAV increased by INR 0.36 per unit,” the company said.
Vinod Rohira, Member of the Board of Directors of K Raheja Corp Investment Managers Private Limited and Manager of Mindspace REIT, said, “This strategic acquisition fits perfectly with our overall strategy of gaining full and comprehensive control over our assets, allowing holistic planning and decision. …With a low loan-to-value ratio, Mindspace REIT is well-positioned to further explore inorganic growth avenues as they arise.”