Mindspace REIT Acquires 51% Stake in Chennai's International Tech Park for ₹3,000 Crore
Mindspace REIT takes 51% stake for Rs 3k cr in Chennai IT park deal
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Mindspace Business Parks REIT has acquired a 51% stake in the International Tech Park Chennai, valued at ₹3,000 crore (approximately $360 million USD). This acquisition positions Mindspace as a leading owner of commercial office assets in Chennai, following their recent purchase of Commerzone Pallikaranai.
- 01Mindspace REIT acquired a 51% stake in International Tech Park Chennai for ₹3,000 crore.
- 02The deal involves a total office space of 2.6 million square feet.
- 03The remaining 49% stake will be held by 360 ONE Asset's real assets funds.
- 04This acquisition follows Mindspace's purchase of Commerzone Pallikaranai for ₹2,541 crore.
- 05Mindspace aims to solidify its position as a major player in Chennai's commercial real estate market.
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In a significant move for Chennai's commercial real estate market, Mindspace Business Parks REIT has announced the acquisition of a 51% stake in the International Tech Park Chennai (ITPC – Radial Road) for ₹3,000 crore (approximately $360 million USD). The total area involved in this deal is 2.6 million square feet. The stake is being acquired from AIGP2 Chennai 1, a subsidiary of CapitaLand India Growth Fund 2, while 360 ONE Asset's real assets funds will retain the remaining 49%. This acquisition follows Mindspace's recent purchase of Commerzone Pallikaranai, also in Chennai, which comprises 2.6 million square feet of Grade A office space valued at ₹2,541 crore. Ramesh Nair, MD and CEO of Mindspace REIT, highlighted that these strategic acquisitions position the company as one of the largest owners of commercial office assets in Chennai.
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This acquisition is expected to boost the commercial real estate market in Chennai, potentially leading to more job opportunities and economic growth in the region.
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