Mindspace REIT Buys 2.6M Sq Ft Chennai Office for ₹2,541 Cr
NEW DELHI: Mindspace Business Parks REIT (Mindspace REIT) has successfully acquired a 2.6 million sq ft grade-A office property in Chennai for approximately ₹2,541 crore, enhancing its foothold in the southern market. The acquisition involves obtaining 100% equity in the entities that own Commerzone Pallikaranai, situated on the Pallavaram-Thoraipakkam Road (PTR) corridor, a significant office micro-market in Chennai. This transaction has received board approval, along with a planned preferential unit issuance of up to ₹675 crore, pending regulatory and unitholder approvals. The asset features around 1.4 million sq ft of finished office space and 1.2 million sq ft under development,…