Mindspace Business Parks REIT (Mindspace REIT) owner of quality Grade A office assets, located in four key office markets of India has announced a landmark Rs 30 billion acquisition of 51 per cent stake in the c. 2.6 million sq. ft. International Tech Park Chennai (ITPC), Radial Road from AIGP2 Chennai 1 Private Limited, a 100 per cent subsidiary of CapitaLand India Growth Fund 2 and 360 ONE Asset’s real assets funds holding the remaining 49 per cent.
The ITPC – Radial Road campus comprises two towers, each of c. 1.3 million sq. ft., having committed occupancy of c. 87 per cent in Tower 1, and c. 28 per cent in Tower 2 – completed recently in September 2025. The asset offers mark-to-market potential in Tower 1, with recent deals in the micro-market closing at around Rs 85 per sq. ft. per month. The campus is anchored by marquee multinational tenants, including the world’s largest retailer, a global financial services provider and a global wind technology leader, which together account for c. 70 per cent of the leased area. This announcement follows Mindspace REIT’s recent strategic acquisition of Commerzone Pallikaranai, a c. 2.6 million sq. ft. Grade A office asset, at c. Rs 25.41 billion, further strengthening the REIT’s presence in this micro-market.
The simultaneous acquisition of the recently announced Commerzone Pallikaranai and ITPC – Radial Road, two institutional‑quality office campuses of c. 2.6 million sq. ft. each, creates synergies along Chennai’s PTR corridor. With a combined footprint of approximately c. 5.2 million sq. ft., Mindspace REIT will own the largest portfolio in the PTR market, offering occupiers a wider choice of high-quality office spaces. It also positions the REIT among the top two office asset owners in Chennai.
The acquisition represents Mindspace REIT’s third acquisition in Chennai and further reinforces its strategy to grow inorganically through both sponsor and non-sponsor acquisitions, acquiring high-quality, income-generating assets in key growth markets. This builds on c. 6.6 million sq. ft. of acquisitions undertaken across the country to date, and marks another decisive step in Mindspace REIT’s disciplined growth journey.
Upon completion of both transactions, Mindspace REIT’s total leasable portfolio will increase from c. 39.0 million sq. ft. to c. 44.2 million sq. ft., and its gross asset value (GAV) shall rise from approximately Rs 441.30 billion to Rs 483.21 billion, reinforcing both the scale and quality of the portfolio. The acquisition strengthens the potential Chennai footprint to c. 6.3 million sq. ft. It also enhances portfolio diversification, with Chennai’s share to grow from c. 3 per cent to c. 14 per cent by area.
This transaction will be jointly undertaken by Mindspace REIT and 360 ONE Asset, via its real assets funds through the acquisition of Radial IT Park Private Limited, the holding entity of the asset, with Mindspace REIT acquiring a 51 per cent stake and 360 ONE Asset’s real assets funds holding the remaining 49 per cent, subject to necessary approvals. This partnership with 360 ONE Asset brings together complementary institutional expertise and a shared investment philosophy, enabling the acquisition of a high-quality, large-scale asset. On completion, the asset will be rebranded as ‘One Radial’ by Mindspace REIT. The transaction ranks among the most significant office deals in India, in the recent past.
Ramesh Nair, Managing Director and Chief Executive Officer, Mindspace REIT, said, “The acquisition of this institutional-quality, low-carbon campus in a high-growth corridor, anchored by blue-chip tenants and long leases, with clear income visibility makes it a strong strategic fit. Building on our recent acquisition of Commerzone Pallikaranai, this asset acquired from a fund under CapitaLand Investment, a leading global real asset manager, positions us as one of the largest owners of commercial office assets in Chennai. We are pleased to partner with 360 ONE Asset, a strategically aligned institutional investor, and are well-positioned to drive meaningful long-term growth and value creation for our unitholders.”
Adding to this, Deepak Aswani, Chief Investment Officer, Real Assets, 360 ONE Asset, said, “This acquisition exemplifies our approach to building a differentiated real assets platform that combines disciplined investment selection with strategic partnerships alongside leading institutional managers. This transaction strengthens our position as one of the leading homegrown alternatives players and reinforces our commitment to offering clients exclusive, institutional-grade opportunities that have historically been accessible only to large institutions. We are pleased to co-invest alongside Mindspace REIT, one of India’s most respected office REIT platforms, in International Tech Park, Chennai, a high-quality, income-generating asset in a market with strong structural tailwinds.”