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Mindspace Business Parks REIT (MINDSPACE) investor relations material
Mindspace Business Parks REIT M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary1 Dec, 2025
Deal rationale and strategic fit
Acquisition of three prime, completed CBD office assets in Mumbai and Pune aligns with the strategy to expand in high-demand, irreplaceable locations and India's most dynamic urban markets, enhancing the front office portfolio and presence in key business districts.
Assets are premium, fully or highly leased, with strong anchor tenants including major Wall Street banks, supporting resilient income streams and portfolio stability.
The deal aims to capitalize on market momentum, limited supply, and rental growth in Worli, BKC Annex, and Kalyani Nagar.
Builds on a disciplined, value-accretive growth strategy with a focus on high-quality, income-generating assets.
Financial terms and conditions
Total acquisition value is INR 29.2 billion, representing a 6.1% discount to independent valuations; gross asset value of acquired assets is ~INR 31.1 billion.
Preferential issue of units aggregating to INR 18.2 billion, subject to unitholder and regulatory approvals.
Share purchase consideration: Pramaan Properties (Ascent-Worli and Pune Office) INR 14,341 million; The Square Avenue 98 INR 3,863 million.
Pro forma FY 2026 impact: up to 9% NOI growth and 1.7% DPU accretion; post-acquisition LTV remains conservative at 24.7%.
Net debt and other adjustments are factored into the final consideration.
Synergies and expected cost savings
Mark-to-market opportunities expected, especially in BKC Annexe and Worli, with current rents below market rates and potential for significant uplift on renewal.
Value-add potential through area expansion and efficiency adjustments, particularly in Square Avenue 98.
Front-office portfolio value contribution increases to ~7.9%, enhancing income stability.
BKC Annex: Re-leasing strategy post-JPM exit?
Ascent Worli: Plan to achieve 100% occupancy?
Future acquisition criteria given LTV headroom?
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Next Mindspace Business Parks REIT earnings date
Q3 202623 Jan, 2026
Next Mindspace Business Parks REIT earnings date
Q3 202623 Jan, 2026
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Frequently asked questions
Mindspace Business Parks REIT is an India-based real estate investment trust (REIT) specializing in owning and managing a portfolio of high-quality office spaces. The REIT's portfolio includes Grade A integrated business parks and independent office buildings strategically located in key office markets across India, including Mumbai, Hyderabad, Pune, and Chennai. The company is headquartered in Mumbai, Maharashtra, and its shares are listed on the Indian stock exchanges.
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