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Mindspace REIT Buys 51% Stake in ITPC Radial Road for ₹3,000 Crore, Expands Chennai Footprint.

Mindspace Business Parks REIT has acquired a 51% stake in the 2.6 million sq ft International Tech Park Chennai (ITPC)–Radial Road for ₹3,000 crore from AIGP2 Chennai 1, a subsidiary of CapitaLand India Growth Fund 2. The remaining 49% stake will be held by 360 ONE Asset’s real assets funds. The transaction will add ₹241 crore to Mindspace REIT’s net operating income (NOI) on a pro forma basis, with 51% attributable to the REIT, while the loan-to-value ratio will rise from 28.0% to 30.3%. The low-carbon campus comprises two towers of 1.3 million sq ft each, with Tower 1 witnessing committed occupancy of 87% and Tower 2, completed in September 2025, at 28%. The asset offers mark-to-market upside, supported by recent rentals of around ₹785 per sq ft per month. Following this and the Commerzone Pallikaranai acquisition, Mindspace REIT’s portfolio will expand to 44.2 million sq ft, with gross asset value rising to about ₹48,314 crore.