Acquisition Updates
The acquisition opportunity
Mindspace REIT enjoys the benefit of the Right of First Offer (ROFO) agreement with the KRC Group. This allows us to infuse ROFO opportunities within our portfolio as appropriate. These inorganic opportunities are incremental to our growth and development plans.
Our current ROFO pipeline stands at 8.6 msf across the Mumbai region, Hyderabad, and Chennai markets, of which 4.6 msf is expected to be completed by FY23.
1. Commerzone Madhapur: 1.8 msf
- Strategically located in Hyderabad’s commercial market of Madhapur
- OC for KRC area received
Location highlights
- The ROFO Asset is located close to the Mindspace campus in the heart of the established office space micro-market of Madhapur
- Well-connected with business hubs, social infrastructural facilities, metro rail, MMTS and Outer Ring Road
- Madhapur is also home to several retail, hospitality, and entertainment developments
Project highlights
- Demonstrates strong growth fundamentals as Mindspace gains further foothold in a vibrant market
- Fully pre-leased to a multinational company
- Sustainable green building with retail options across the main access
Received ROFO notice for c.1.8 msf, which will increase our presence in this micro market
2. Commerzone Pallikaranai: 1.8 msf
12.3 acres
Total Land Area
1.8 msf
Total Leasable Area
1.1 msf
KRC Block 1
0.7 msf
KRC Block 2
Pre-leased (LOI signed) c.0.67 msf of Block 2 area to a marquee tenant
Estimated Completion
Block 1 –
Yet to commence
Block 2 –
Q3 FY23
3. Mindspace Juinagar: 5.0 msf
55 acres
Total Land Area
1.0 msf
Completed Area
4.0 msf
Future Development
ATL signed for pre-letting of 0.45 msf built-to-suit area with a marquee tenant