Mindspace Business Parks REIT is evaluating multiple sponsor and third party acquisitions. The REIT is looking at properties with a value of Rs 500 crore to Rs 2,000 crore each, said Ramesh Nair, CEO, Mindspace REIT in an interaction with FE.
The targeted properties are based in Pune, Mumbai and Ahmedabad, he said. The listed REITs including Mindspace and Embassy Office Parks REiT are steadily buying assets to build their portfolio.
Mindspace REIT earlier bought Sustain, a special purpose vehicle (SPV) which houses 1.82 million sq ft property Commerzone Raidurg, a grade-A commercial asset situated in Madhapur, Hyderabad.
In April last year, Embassy Office Parks REiT bought Embassy Splendid TechZone in Chennai, from Embassy Sponsor, for an Enterprise Value of Rs 1,269 crore. “We have loan to value (LTV) of 20%. There is still room for debt,” Nair said. The REIT has a net debt of Rs 9,000 crore. He said interest in commercial properties is increasing due to better transparency, reduced information asymmetry, increased institutional quality supply, clarity around work from office, easier exit routes and improved absorption.
Mindspace REIT will develop three additional built-to-suit data centres, adding a further 1 million sq ft to the Singapore-based data centre provider’s portfolio. The REIT has already developed two data centres for Princeton Digital Group, measuring nearly 0.63 million sq ft.
Nair said they are working on increasing occupancy from 93 % to 95% within their properties. Country’s office property market saw 33.7 million square feet of uptake in first half of 2025, with a growth of 13% Y-o-Y growth, said Colliers India recently.