Business professionals review documents on a rooftop overlooking a modern business park in Chennai.
Mindspace Business Parks REIT, in partnership with 360 One Asset, is set to acquire International Tech Park Chennai, Radial Road, from a CapitaLand Investment fund for INR 30 billion ($321 million). Mindspace REIT will hold a 51 percent stake, with 360 One Asset taking the remaining 49 percent.
This acquisition marks Mindspace REIT’s third venture in Chennai, expanding its footprint in the city to 6.3 million square feet, representing 14 percent of its total portfolio. The 2.57 million square foot property is strategically located on Chennai’s 200 Feet Radial Road, a high-growth corridor, and is anchored by blue-chip tenants including Walmart, Vestas, and State Street.
The property is pre-certified as IGBC Platinum and WELL standard, and is expected to generate INR 2.4 billion annually in net operating income once fully stabilized. This deal aligns with CapitaLand India’s strategy to monetize its projects and achieve optimal outcomes for its institutional investors.
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