In two separate deals, Mindspace Business Parks REIT and Tata Realty & Infrastructure have bought commercial properties in Chennai and Bengaluru, respectively, for a total of around Rs 4,841 crore.
Mindspace REIT acquired commercial properties of 2.6 million square feet in Chennai for Rs 2,541 crore as part of right of first offer agreement with the sponsors, K Raheja Corp.
IT Development
Tata Realty and Infrastructure entered into a binding agreement to acquire over 38 acres from Gulf Oil Corporation and Hinduja Realty Ventures in Bengaluru, in a deal valued at around Rs 2,300 crore, sources said, adding the deal involves IT building and land. Tata Realty did not comment on the deal and Hinduja could not be contacted immediately.
The consideration will be paid by Tata Realty in tranches, source said. TRIL is expected to plan a broader development pipeline of nearly 6-7 million sq ft in Bengaluru, backed by investments of around Rs 4,000 crore.
The properties bought by Mindspace are located at Commerzone Pallikaranai, located on the Pallavaram–Thoraipakkam Road (PTR) in Chennai.
The acquisition price of Rs 2,541 crore (enterprise value) represents a 3.4% discount to the average of two independent valuations. Further, the preferential issue of units is being made at an issue price of Rs 484.89 per unit, it said.
This transaction marks Mindspace REIT’s second acquisition post listing in Chennai.
The acquisition takes the total additions thus far to nearly 6.6 million sq ft and nearly Rs 8,800 crore of gross asset value (GAV), it said. The board of the manager to Mindspace Business Parks REIT has approved the transaction and preferential issuance of up to Rs 675 crore, subject to unitholders and other regulatory approvals.