Mindspace Business Parks REIT has announced the acquisition of a 51% stake in the ~2.6 million sq. ft. International Tech Park Chennai (ITPC – Radial Road) for approximately ₹3,000 crore. The asset is being acquired from a subsidiary of CapitaLand Investment, with 360 ONE Asset holding the remaining 49%.
Located along Chennai’s high-growth Pallavaram–Thoraipakkam Road corridor, the campus comprises two towers of ~1.3 million sq. ft. each. Tower 1 is ~87% occupied, while Tower 2, completed in September 2025, has already achieved ~28% occupancy. The asset is anchored by leading multinational tenants, reflecting its institutional quality and strong income visibility.
This acquisition, alongside Mindspace REIT’s recent purchase of Commerzone Pallikaranai, creates a combined portfolio of ~5.2 million sq. ft. in the micro-market, positioning the REIT among the top two office asset owners in Chennai. Post completion, the REIT’s total portfolio will expand to ~44.2 million sq. ft., with Chennai’s share increasing significantly.
Ramesh Nair said, “This acquisition aligns with our strategy of adding high-quality, income-generating assets in key growth corridors. With strong tenants, long leases and sustainability credentials, the asset enhances our portfolio resilience and growth visibility.”
Deepak Aswani added, “This partnership reflects our focus on accessing institutional-grade opportunities alongside trusted platforms. The asset offers strong fundamentals and long-term value creation potential.”
Notably, ITPC – Radial Road is India’s first low-carbon business park designed to achieve Net Zero across water, energy and waste, with IGBC Platinum and WELL pre-certifications. The transaction underscores Mindspace REIT’s disciplined expansion strategy and confidence in Chennai’s robust office market fundamentals.
