NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has secured a 51% ownership stake in the 2.6 million sq ft International Tech Park Chennai, Radial Road (ITPC – Radial Road) from AIGP2 Chennai 1, a subsidiary of CapitaLand India Growth Fund 2 (CIGF2), for ₹3,000 crore. The remaining 49% stake will be held by 360 ONE Asset’s real assets funds.
This acquisition is expected to contribute ₹241 crore to net operating income (NOI) on a proforma basis (51% attributable to Mindspace REIT), while increasing the loan-to-value (LTV) ratio from 28.0% to 30.3%.
Regarding the acquisition, Ramesh Nair, MD and CEO of the company, stated, “This institutional-quality, low-carbon campus located in a high-growth corridor, anchored by blue-chip tenants and long leases with clear income visibility, represents a strategic fit.”
The ITPC – Radial Road campus features two towers, each covering 1.3 million sq ft, with committed occupancy rates of 87% for Tower 1 and 28% for Tower 2, which was completed recently in September 2025.
The asset also presents mark-to-market potential in Tower 1, as recent deals in the micro-market are closing at approximately ₹85 per sq ft per month.
In addition, the company recently acquired Commerzone Pallikaranai, a 2.6 million sq ft grade-A office asset, for ₹2,541 crore in this micro-market.
Upon the completion of both acquisitions, Mindspace REIT’s total leasable portfolio will expand from 39.0 million sq ft to 44.2 million sq ft, while its gross asset value (GAV) will rise from about ₹44,130 crore to ₹48,321 crore.
CIGF2, managed by CapitaLand Investment, is a development fund focused on investing in Grade A business parks.
