Mindspace Business Parks REIT has expanded its footprint in Chennai through the acquisition of a majority stake in a large information technology park.
The transaction reflects continued institutional interest in commercial office assets and forms part of the REIT’s broader strategy to scale its presence in key urban markets. The deal also adds to its growing portfolio in the Chennai office corridor.
Mindspace REIT has acquired a 51% stake in International Tech Park Chennai for ₹1,500 crore. The transaction includes the assumption of debt of around ₹600 crore and values the asset at approximately ₹3,000 crore on an enterprise basis.
The remaining 49% stake in the asset has been acquired by funds managed by 360 ONE Asset. The property was purchased from AIGP2 Chennai 1 Pte Ltd., a wholly owned subsidiary of CapitaLand India Growth Fund 2.
The IT park spans 2.6 million square feet and comprises two towers of roughly equal size. Tower 1 has a committed occupancy of 87%, while Tower 2, completed in September, has an occupancy of 28%. The property includes a mix of multinational tenants across sectors.
The asset presents potential for rental adjustments, particularly in Tower 1, where recent transactions in the micro-market have been around ₹85 per square foot per month. The tenant base includes large global corporations, which collectively account for a significant share of the leased space.
This acquisition follows the REIT’s earlier purchase of Commerzone Pallikaranai, another office asset in Chennai. Together, these transactions strengthen its presence in the city’s PTR corridor and contribute to scale within the commercial office segment.
Upon completion of both acquisitions, Mindspace REIT’s total leasable area is expected to increase to 44.2 million square feet. Its gross asset value is projected to rise to ₹48,321 crore. Chennai’s share in the portfolio is set to increase from 3% to 14% by area.
Read More: Prestige Estates Share Price in Focus; Projects Reports Record FY26 Sales and Collections.
The transaction reflects continued activity in the commercial real estate segment, with institutional investors expanding their holdings in office assets. The addition of this property contributes to Mindspace REIT’s portfolio diversification and presence across key markets.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Apr 15, 2026, 3:40 PM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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