Mindspace REIT to buy 2.6mn sq ft Chennai office for Rs 2,541 cr

Chennai: Mindspace Business Parks REIT on Tuesday said it will acquire a 100% stake in Sycamore Properties and Content Properties, which together own the 2.6 million sq ft ‘Commerzone Pallikaranai' office campus in Chennai, for about Rs 2,541 crore. The transaction, approved by the board of the REIT manager, includes a preferential unit issue of up to Rs 675 crore, subject to unitholder and regulatory approvals, according to a statement.Located on Pallavaram–Thoraipakkam Road, Commerzone Pallikaranai is a 12.4-acre Grade A office campus with 1.4 million sq ft of completed space and another 1.2 million sq ft under construction, expected to be delivered by March 2027. The asset is anchored by Shell, which occupies about 55% of the leased area. The deal is being executed under a right of first offer agreement with sponsor K Raheja Corp. The acquisition price reflects a 3.4% discount to the average of two independent valuations. Further, the preferential issue of units is being made at an issue price of Rs 484.89 per unit.