Mindspace Business Parks REIT is eyeing commercial property acquisitions worth ₹500–2,000 crore across Mumbai, Pune, and Ahmedabad as part of its growth strategy. With a healthy loan-to-value ratio and rising investor confidence, the REIT is also expanding its data centre footprint and targeting higher occupancy across its premium office assets.
Mindspace REIT Explores New Acquisitions in Key Markets
Mindspace Business Parks REIT is gearing up for another wave of growth through strategic acquisitions in India’s top office markets. The company is currently evaluating multiple commercial properties in Pune, Mumbai, and Ahmedabad, with individual asset values ranging from ₹500 crore to ₹2,000 crore.
“We are looking at both sponsor and third-party acquisitions,” said Ramesh Nair, CEO of Mindspace REIT, in a recent interaction. This move follows a broader trend among India’s listed REITs, including Embassy Office Parks, to expand portfolios amid rising demand for Grade A commercial real estate.
Focused Strategy Backed by Financial Leverage
With a current loan-to-value (LTV) ratio of 20% and a net debt of ₹9,000 crore, Mindspace REIT has ample headroom for additional borrowing. “There is still room for debt,” Nair confirmed, signalling the REIT’s readiness to fund acquisitions without overstretching its balance sheet.
Investor interest in commercial assets is rising due to increasing transparency, improved market data, stronger institutional supply, and clarity around the return-to-office trend. “The sector is now more liquid, with reduced information asymmetry and better exit options,” Nair noted.
Building a Data Centre Portfolio
In addition to expanding its office portfolio, Mindspace REIT is also doubling down on the digital infrastructure space. It has already delivered two data centres—spanning 0.63 million sq ft—for Singapore-based Princeton Digital Group. Now, it plans to develop three more built-to-suit data centres, adding another 1 million sq ft to the portfolio.
This foray into data centres aligns with the growing demand for cloud infrastructure and digital services, positioning Mindspace REIT to benefit from multiple real estate verticals.
Occupancy and Market Outlook
Mindspace currently operates with a healthy occupancy rate of 93%, with plans to push this up to 95% in the near term. The company’s strategy reflects the positive momentum in India’s office market, which saw 33.7 million sq ft of Grade A leasing in H1 2025—up 13% year-on-year, according to Colliers India.
With robust market fundamentals, investor confidence, and a diversified asset pipeline, Mindspace REIT’s plans for inorganic growth and vertical expansion signal its intention to remain a dominant force in India’s commercial real estate sector.
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