Mindspace REIT acquires 51% in ITPC Chennai for ₹30 Bn
Mindspace Business Parks REIT has entered into definitive transaction documents to acquire a 51% stake in Radial IT Park Private Limited (owner of International Tech Park Chennai, Radial Road) for an aggregate gross consideration of ₹30 billion. The remaining 49% will be acquired by 360 One Real Assets Advantage Fund. The target company owns an office property with a total leasable area of approximately 2.6 million square feet, located in Chennai's Pallavaram-Thoraipakkam Road corridor. Tower 1 has ~87% occupancy, while Tower 2, completed in September 2025, has ~28%. The asset is anchored by marquee multinational tenants. This acquisition follows Mindspace REIT's recent purchase of Commerzone Pallikaranai in the same corridor, further strengthening its presence and creating synergies.
Key Highlights
- Mindspace REIT acquires 51% stake in ITPC Chennai for ₹30 billion.
- The acquisition adds 2.6 million sq. ft. of Grade A office space.
- 360 One Real Assets Advantage Fund will acquire the remaining 49%.
- The asset features strong multinational tenants and mark-to-market potential.
- Strengthens Mindspace REIT's presence in Chennai's key office corridor.