These acquisitions collectively represent ~0.8 million square feet of premium leasable area, valued at a Gross Asset Value (GAV) of ~INR 3,106 Cr[1] by independent valuers. The acquisition will be completed at a c. INR 2,916 Cr gross acquisition price, representing a c. 6.1% discount to the average of two independent valuations. Post-acquisition, the Mindspace REIT portfolio will expand to ~39 million square feet, and a strengthened presence across one of India’s most influential commercial corridors.
On a pro forma basis, the acquisition is expected to deliver:
NOI growth of ~9%
DPU accretion of ~1.7%
Front-office portfolio value contribution rising to ~7.9%
Sustained and stable income streams backed by marquee tenants
 
These trophy assets enhance Mindspace REIT’s prime office portfolio, expand its footprint in key business districts, and support its long-term strategy of building a portfolio of resilient, income-generating assets in India’s most dynamic urban markets. They also offer embedded mark-to-market potential, strong rental momentum, and clear value-add opportunities across these Grade A+ properties. After this acquisition, the Gross Asset Value (GAV) of Mindspace REIT is set to increase from c. INR 41,020 Cr to c.INR 44,126 Cr.
 
Speaking on the acquisition, Ramesh Nair, MD and CEO of Mindspace REIT, said, “Bringing these assets into the Mindspace REIT portfolio is a strategic step in strengthening our presence in Mumbai’s most sought-after CBD office districts. These are high-quality, institutional assets, with strong cash flows, and some of the biggest names on Wall Street as anchor tenants. They enhance the scale, stability, and long-term growth of our portfolio. For us, it’s straightforward – invest in great locations, work with great tenants, and create durable value for our unitholders. This acquisition reflects our vision of loved workspaces, maximizing value, and reinforces Mindspace REIT’s position as a leader in India’s office real estate sector.”
 
Transaction Highlights:
Overview of Assets:
Leasable area of c. 0.8 msf in aggregate.
Gross Asset Value of ~INR 3,106 Cr as per independent valuations.
Marquee tenants, including 2 of the biggest names on Wall Street. 
Committed Occupancy: Ascent – Worli – c.86% (Building completed in 2025); The Square Avenue 98 (BKC Annex) – 100%; Office Building (Pune) – 100%
Portfolio Enhancement:
Expands Mindspace REIT’s presence in prime front office CBD markets of Mumbai.
WALE of c. 7 years, offering stable income along with growth potential.
The Square Avenue 98 (BKC Annex) offers a value-add opportunity through Mark to Market potential and area enhancement
Financial Highlights:
Acquisition price of c. INR 2,916 Cr (Enterprise Value), a c. 6.1% discount to the average of two independent valuations.
Purchase consideration of c. INR 1,820 Cr (for 100% Equity[2]).
Addition of c. INR 226 Cr to FY26 NOI on a proforma[3] basis, implying a growth of c. 9%.
Post-Acquisition Portfolio Metrics:
Portfolio size to grow from c. 38.2 msf to c. 39 msf.
Gross Asset Value (GAV) to increase from c. INR 41,020 Cr to c.INR 44,126 Cr
Loan-to-Value (LTV) ratio to increase marginally from 24.2% to 24.7%, enough headroom available for growth.

Over the years, Mindspace REIT has grown its portfolio through strategic acquisitions, including the first sponsor acquisition of c. 1.82 msf Commerzone Raidurg, buying back third-party units at Mindspace Madhapur; consolidation to full ownership at Commerzone Porur in Chennai; and selective expansions at Commerzone Yerwada in Pune, as well as its first third-party acquisition outside its portfolio parks – the c. 0.81 msf ‘The Square, 110 Financial District’ (formerly Q-City) in Hyderabad. The current transaction marks Mindspace REIT’s second Sponsor acquisition, further reinforcing its disciplined, value-accretive growth strategy and its commitment to delivering sustained value to unitholders. This transaction builds on the ~3.2 msf of acquisitions undertaken so far, marking another step in Mindspace REIT’s disciplined growth journey.

[1] GAV is calculated as the average of valuations undertaken by two independent valuers, L. Anuradha and ANVI Technical Advisors India Pvt. Ltd.
[2] 100% equity shareholding and interest in Pramaan and Sundew RE
[3] Proforma NOI & NDCF for FY26 based on actuals for H1 FY26 & considering H2 FY26 same as H1FY26 for MREIT & estimates for FY27 for acquisition assets

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InfRE360 is designed to empower strategic decision-making and investment planning among sponsors, investors, regulators, and other stakeholders in India’s REIT and InvIT ecosystem. Coverage encompasses road, power, telecommunication, warehouse & logistics for InvITs and REITs. The platform offers comprehensive insights backed by powerful analytical tools and real-time intelligence.

“With the rapid evolution of India’s infrastructure and real estate trust markets, there is an urgent need for a robust and reliable analytics backbone. InfRE360 bridges this gap by delivering actionable insights, transparency, and efficiency in a single, user-friendly platform,” said Madhubani Sengupta, Head- Knowledge Services, ICRA Analytics.

Key Features of InfRE360

• Extensive Data Coverage: Access up-to-date annual and quarterly financials from FY2022, covering 150+ performance parameters for REITs, InvITs at the Trust level, and their 300+ SPVs  
• Performance Assessment: Explore sector, entity, and asset-level performance through interactive visuals. Evaluate key financial ratios across diverse metrics for deep operational insights.
• Key News Tracking: Stay ahead of market developments with near real-time alerts on the REITs and InvITs landscape
• Peer Level Analysis: Compare multiple peers within specific sectors to identify leaders, benchmark performance, and uncover strategic opportunities.
• Detailed Insights: Granular SPV-level information and access to comprehensive data on shareholding patterns, debt instruments, and credit ratings.
• Valuation Simulator: Run scenario modelling and sensitivity analysis to assess potential changes in valuation based on varying market conditions

Tailored Benefits for Key Stakeholders

• Sponsors & Owners
  • Strategic insights from comprehensive data sets
  • Peer benchmarking for competitive advantage
  • Time-saving automated data collection
• Investors
  • Informed investment decisions via detailed analytics
  • SPV-level risk identification and mitigation
  • Scenario-based valuation clarity
• Regulators
  • Real-time compliance tracking and market risk monitoring
  • Data-driven policy formulation and gap analysis
  • Enhanced transparency and accountability

With InfRE360, ICRA Analytics continues to redefine how India’s capital markets leverage data and technology to drive efficiency, governance, and informed growth.

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Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, retail hubs, and recreational facilities. The park hosts some of the world’s leading companies and continues to set the standard for integrated workspaces in India. Further enhancing its appeal, the upcoming 518-key dual-branded Hilton Hotels will provide unparalleled convenience and hospitality to over 50,000 park users.

Colliers, a global professional services company that specializes in commercial real estate facilitated the transaction for Rubrik.

Marcus Joseph, Director of Global Workplace Solutions (APJ), Rubrik, said, “This new workspace is a significant step forward in Rubrik’s journey to scale our operations and strengthen our presence in India. The new facility is our commitment to creating an environment where innovation thrives, collaboration is seamless, and employees feel empowered to deliver their best work. India’s exceptional talent pool continues to play a pivotal role in our global strategy, and this new facility underscores our dedication to unlocking their potential and fostering a culture of innovation that shapes the future of cybersecurity.”

Ritwik Bhattacharjee, Interim Chief Executive Officer of Embassy REIT, said, “We are delighted to strengthen our partnership with Rubrik as they expand their footprint at Embassy TechVillage. Embassy TechVillage embodies our commitment to creating world-class business ecosystems that inspire innovation and enable our occupiers to thrive. We wish Rubrik the very best and look forward to a successful collaboration.”

Arpit Mehrotra, Managing Director, Office Services, Colliers India, said, “This landmark transaction once again showcases Colliers’ ability to deliver bespoke solutions that perfectly align with the client’s vision. The software giant was looking to acquire an office campus that was conveniently located, easily accessible, and equipped with world-class amenities. I am proud of our exceptional team, who ensured every detail was meticulously handled. The real estate industry in India is poised for unprecedented growth, and we are pleased to contribute to its dynamic evolution. It was an honor to work with the teams at Rubrik & Embassy REIT and I thank them for their support and trust in our capabilities.”

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MUMBAI: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces its partnership with the Global Network for Zero (GNFZ), the world’s premier independent net zero certification body. This partnership marks a major milestone in Mindspace REIT’s dedication to environmental sustainability, advancing its goal to certify the entire portfolio as net zero by 2042.

 The certification process will begin with the evaluation of one of the buildings at Mindspace Airoli West, situated near the vibrant residential micro-markets of Thane and Navi Mumbai. Already a ‘Platinum’ certified building under LEED v4.1 O+M, it exemplifies high-performance building standards and efficient systems. To align with the GNFZ’s net zero transformation strategy, this building will reduce Scope 1, Scope 2, and Scope 3 emissions through energy efficiency upgrades, green power procurement, and green leases for occupants.

This new partnership builds upon Mindspace REIT’s longstanding commitment to sustainable practices which has resulted in:

• 99.9% of the REIT portfolio is green certified of which 22 million sq. ft of leasable area is platinum certified
• Successful implementation of an Infrastructure Monitoring & Operations Centre (IMOC) for enhanced efficiency and reduced environmental impact
• 30-45% margin for potable water savings across the green building portfolio
• 30% more fresh air than what is mandated by ASHRAE standards
• Over 80% of construction waste is intelligently reused across green buildings

Ramesh Nair, CEO, Mindspace REIT said in a statement “Partnering with the Global Network for Zero is a key milestone in our sustainability journey. Their independent certification aligns with our goals and helps us accelerate our journey to net zero. This partnership strengthens our commitment to sustainable excellence for our occupants, stakeholders, and communities. We’re excited to lead the way towards a net zero future, making a significant impact on emission reduction and environmental stewardship.”

Mahesh Ramanujam, GNFZ CEO and Co-Founder, adds, “Mindspace REIT has been at the forefront of remarkable leadership in sustainability. I have been an admirer and supporter of their efforts for many years now to ensure environmental consciousness while retaining the top position in offering world-class commercial spaces for the biggest multinationals. I am honored and excited to contribute to their next critical phase of net zero emissions for one of their buildings at Mindspace Business Parks with Global Network for Zero. It is a massive undertaking — but with the leadership of Ramesh Nair and others who are making the necessary strides forward in this business, we finally not only have hope, but tangible commitments towards cutting down emissions in the real estate sector that contributes a major part to global emissions.”

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BENGALURU: Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has signed an Agreement to Lease (‘ATL’) with global banking major the Commonwealth Bank of Australia (‘CBA’) for a premium office campus of approximately 0.8 msf along with an expansion option of an additional 0.6 msf at Embassy Manyata, one of Asia’s largest and India’s most prominent business parks. The new space is being designed as a comprehensive built-to-suit solution, and Embassy REIT expects to deliver the facility including fit-outs in the fourth quarter of the calendar year 2026.

Jitu Virwani, Chairman & Managing Director of Embassy Group, said, “Embassy has been home to CBA for 4 years, and we’re delighted to extend our long-standing partnership with one of the world’s leading financial institutions. India continues to be a prime destination that offers both exceptional talent and top-tier office spaces. We’re proud to host some of the world’s leading banks with a combined market capitalization of $1 trillion in our parks. We look forward to delivering a world-class, one-of-its-kind campus to the Commonwealth Bank of Australia.”

Aravind Maiya, Chief Executive Officer, of Embassy REIT, said, “We are thrilled to announce this landmark lease deal with CBA, which marks our largest built-to-suit project to date. In the last few years, we’ve developed five built-to-suit facilities comprising over 4 msf for global occupiers whose real estate needs are getting increasingly more sophisticated. Embassy Manyata’s integrated development and world-class ecosystem and amenities were key factors for CBA. The project’s scale and sophistication exemplify our ability to execute large-scale developments that meet the highest standards of global clients like CBA.”

Spanning over 120 acres, Embassy Manyata is a premier business destination that sets the standard for modern workspaces with its state-of-the-art infrastructure and world-class amenities. Strategically located in the prominent growth corridor of North Bengaluru, Embassy Manyata has become a highly sought-after hub for major multinationals, offering a vibrant ecosystem tailored to the diverse needs of global businesses. The park’s array of top-tier facilities includes dual-branded Hilton hotels, renowned F&B retail spaces, outdoor sports zones, and expansive food court areas, among others.

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The convention will serve as a platform to explore various facets of the sector, focusing on adapting to new-age trends and technologies. It will feature insightful discussions on government support, affordable housing, the impact of RERA, financing options, technology integration, and investment opportunities, along with a dedicated session on India Vision@2047. The convention is supported by KPMG, which is also its Knowledge Partner.

G Hari Babu, National President of NAREDCO, “emphasized the importance of collaboration in unlocking the full potential of India’s urbanization. He stated, “By working together, we can create sustainable, liveable, and inclusive cities that foster business growth, promote social equity, and enhance the quality of life for all citizens. We look forward to fostering collaboration between the government and private sector stakeholders to ensure sustainability and pave the way for a thriving real estate industry that positively impacts the broader economy. Let us join hands to build a brighter future for India.”

Mr. Sandeep Runwal, President of NAREDCO Maharashtra said, “The real estate sector is crucial for Maharashtra and the country, driving economic growth and creating jobs. This national convention is a platform for discussing how real estate impacts our economy and how we can find new and smart solutions. It is not just about buildings – it is about creating a domino effect that boosts employment and supports ancillary industries. Together, we aim to come up with ideas that go beyond the usual, making sure our progress is sustainable and benefits everyone.“

Dr. Niranjan Hiranandani, Chairman of NAREDCO, “highlighted the convention’s role as a catalyst for transforming India’s real estate sector. He mentioned that the event would focus on issues such as liquidity crises, stressed assets, and insolvency while exploring policy reforms like the Rental Housing Policy and a commitment to net-zero goals. The importance of alternative financing through Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (INVITs) was also underscored.”

Mr. Rajan Bandelkar, Vice Chairman of NAREDCO, “emphasized the real estate sector’s role as a crucial economic driver with a multiplier effect on employment and linkages with ancillary industries. He noted that the convention serves as a platform for networking, learning, and collaborative efforts, which are pivotal in unlocking India’s urbanization potential”.

In addition to discussions, NAREDCO will advocate for the government’s proactive role in promoting affordable housing. It will request the introduction of a home loan interest rate subvention scheme and demand concessions in the prices of construction materials, such as cement and steel, for affordable housing projects. These measures aim to incentivize and facilitate the development of the much-needed affordable housing segment.

NAREDCO, the apex body of the real estate sector under the Aegis of the Ministry of Housing and Urban Affairs, Government of India, is dedicated to promoting transparency and accountability in the housing and real estate sector. The convention will feature prominent leaders, including the Hon’ble Minister of Housing and Urban Affairs, as Chief Patron, and seven Joint Secretary-level Officers from Central Government and Central Public Sector Undertakings (PSUs) on the Governing Council.

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