Mindspace Business Parks REIT (MINDSPACE) Ltd.’s shares were up by 0.75 per cent after the company concluded the acquisition of approximately 0.24 million square feet (MSF) at Commerzone Porur, Chennai, for Rs 181.6 crore, including transaction costs. This acquisition enables Mindspace REIT to attain 100 per cent ownership of the asset.
Through its Asset SPV, Mindspace REIT now holds complete ownership of the project, boasting a leasable area of approximately 1.1 msf. Further,negotiations are in progress with a multinational client for approximately 45,000 sq. ft. of the newly acquired area.
Mindspace REIT’s existing space of approximately 0.9 msf at the asset has achieved a committed occupancy rate of over 96 per cent, with the presence of multinational corporations and domestic clients.
The shares were up 0.75 per cent at Rs 317.45 at 11:07 am on the NSE.
