[STRATEGIC] Indian Office REIT ·
Grade-A Real Estate · Chennai IT Corridor —
April 14, 2026 — SIGNED
Mindspace REIT Acquires 51% of
International Tech Park Chennai for ₹30 Billion ($322M) — India's Largest
Recent Office Transaction
K Raheja Corp's Mindspace Business Parks REIT executes India's
most significant office deal of early 2026: a ₹30 billion ($322 million)
acquisition of a 51% co-controlling stake in Radial IT Park Private Limited —
owner of the 2.6 million square foot International Tech Park Chennai (ITPC),
Radial Road — from CapitaLand India Growth Fund 2, with the remaining 49%
acquired simultaneously by 360 ONE Asset's real assets funds, creating one of
the largest Grade-A office co-ownership structures in South India.
DEAL SNAPSHOT
|
TOTAL DEAL VALUE ₹30 Billion (~$322
Million) — 51% stake to Mindspace REIT; 49% to 360 ONE Asset |
ASSET International Tech Park
Chennai (ITPC), Radial Road — 2.57M sq ft, two towers |
|
MINDSPACE REIT'S SHARE 51% (controlling stake
in Radial IT Park Pvt Ltd) |
CAP RATE (STABILIZED) 7.7% net operating
income yield (stabilized) |
|
SIGNED April 14, 2026 (subject
to unitholder & regulatory approvals) |
REBRANDING Asset to be renamed
"One Radial" by Mindspace REIT |
THE PARTIES
|
ACQUIRER (51% STAKE) Mindspace Business Parks
REIT India-listed
real estate investment trust sponsored by K Raheja Corp. CEO: Ramesh Nair. As
of December 2025, Mindspace REIT manages approximately 39 million square feet
of Grade-A office space across Mumbai, Hyderabad, Pune, and Chennai. The REIT
has been aggressively expanding its Chennai presence in early 2026: the ITPC
Radial Road acquisition follows a ₹25.41 billion acquisition of Commerzone
Pallikaranai announced just weeks prior — a 2.6 million sq ft Grade-A campus
in the same Chennai PTR (Pallavaram-Thoraipakkam Road) corridor. Together,
these two acquisitions give Mindspace REIT approximately 5.2 million sq ft in
Chennai's fastest-growing commercial corridor, making it one of the two
largest office landlords in the city. The REIT's CRISIL AAA Stable and ICRA
AAA Stable ratings reflect its investment-grade balance sheet. Revenue grew
25% YoY in FY2026. |
SELLER / CO-INVESTOR CapitaLand India Growth
Fund 2 (Seller) / 360 ONE Asset (49% Co-buyer) CapitaLand
India Growth Fund 2 (Seller): the Indian private real estate fund arm of
Singapore's CapitaLand Investment (CLI), a leading global real asset manager.
AIGP2 Chennai 1 Private Limited is a wholly owned subsidiary of CapitaLand
India Growth Fund 2 and the 100% owner of Radial IT Park Private Limited
prior to the transaction. CapitaLand developed and owns ITPC Radial Road,
having completed Tower 1 (2023) and Tower 2 (September 2025). CBRE National
Partners advised CapitaLand on the sale. 360 ONE Asset (formerly IIFL Asset
Management): Mumbai-based alternative investment manager with deep expertise
in real assets. Acquiring the remaining 49% of Radial IT Park via its 360 ONE
Real Assets Advantage Fund. CIO Real Assets: Deepak Aswani. The co-investment
structure allows Mindspace REIT to acquire 51% (controlling stake for REIT
consolidation) while 360 ONE Asset provides the remaining capital —
efficiently splitting the ₹30 billion purchase price. |
DEAL OVERVIEW
Mindspace
Business Parks REIT signed an agreement on April 14, 2026 to acquire a 51%
stake in Radial IT Park Private Limited — the holding entity for International
Tech Park Chennai (ITPC), Radial Road — from AIGP2 Chennai 1 Private Limited (a
subsidiary of CapitaLand India Growth Fund 2) for ₹30 billion ($322 million).
Simultaneously, 360 ONE Asset's real assets funds will acquire the remaining
49% of Radial IT Park, with the combined transaction representing one of the
largest office real estate transactions in India in recent years. The
transaction is subject to Mindspace REIT unitholder approval and regulatory
clearances.
The ITPC Radial
Road campus comprises two towers on a 12.99-acre site at 200 Feet Radial Road
(Pallavaram-Thoraipakkam Road), totaling approximately 2.57 million square
feet. Tower 1, delivered in 2023, has committed occupancy of approximately 87%
and is anchored by three marquee multinational tenants — described as the
world's largest retailer, a global financial services provider, and a global
wind energy technology company — which together account for approximately 70%
of the leased area. Tower 2 was delivered in September 2025 and currently has
committed occupancy of approximately 28%, representing substantial near-term
lease-up upside that Mindspace REIT plans to capture through its active
management approach. On completion, the combined asset will be rebranded
"One Radial."
"The acquisition of this institutional-quality, low-carbon campus
in a high-growth corridor, anchored by blue-chip tenants and long leases, with
clear income visibility makes it a strong strategic fit."
— Ramesh Nair,
Managing Director and CEO, Mindspace Business Parks REIT
CHENNAI'S PTR CORRIDOR: INDIA'S
FASTEST-GROWING IT MARKET
The
Pallavaram-Thoraipakkam Road (PTR) corridor in Chennai has emerged as one of
India's most dynamic IT and technology real estate markets, driven by the
relocation and expansion of global technology companies, financial services
firms, and engineering centers. The corridor benefits from proximity to
Chennai's main arterial roads, the airport, and the city's residential
expansion southward. ITPC Radial Road's pre-certification as IGBC Platinum
(Green Building) and WELL standard (healthy workplaces) reflects the ESG
requirements of the REIT's blue-chip MNC tenants, for whom sustainability
certifications are often contractually required.
ADVISORS
Sell-side
(CapitaLand): CBRE National Partners
Co-Investor
(49%): 360 ONE Asset — 360 ONE Real
Assets Advantage Fund
REIT
Governance: Subject to Mindspace REIT
unitholder vote and regulatory approvals