Mindspace REIT Buys 51% of ITPC – Radial Road for ₹3,000 Cr
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…