- Mindspace REIT acquired three prime CBD assets for Rs 2,920 crore from K Raheja Corp
- Assets include Ascent Worli Mumbai, office building in Pune, and Square Avenue 98 BKC Mumbai
- Acquisition covers 0.8 million square feet with a 6% discount to independent valuers' fair value
On November 28, 2025, Mindspace REIT announced the acquisition of three prime CBD assets for Rs 2,920 crore from K Raheja Corp., including Ascent Worli, Mumbai (0.45 msf), a 0.1msf office building in Kalyani Nagar, Pune and Square Avenue 98, BKC Annex, Mumbai (0.2msf).
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ICICI Securities Report
Mindspace Business Parks REIT recently announced the acquisition of three marquee office assets spread over 0.8 msf in Mumbai and Pune for ~Rs 2,920 crore.
At an acquisition cost of ~6% discount to independent valuer's fair value with 9% net operating income and 1.7% DPU accretion at cap rate of 7.5-7.8%, we believe the acquisition could enhance the quality and value of the REIT's portfolio over the medium term.
We retain 'Add' with a DCF-based unchanged target price of Rs 490, pending the completion of the acquisition.
Key risks:
Further rise in vacancies across assets and fall in lease rentals.
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