Mindspace REIT Makes a ₹29.2 Billion Power Move — Is This the Start of India’s Next Office Boom? 06.12.2025
🔵 • Mindspace Business Parks REIT: Third Acquisition Since Jan’25 — A Deep-Dive Analysis for Serious Investors 🟣 •• Executive Summary Mindspace Business Parks REIT has announced its third inorganic acquisition for CY25, adding 0.8 million sq ft of Grade-A office assets across Mumbai and Pune. This strengthens its position as one of India’s strongest commercial REITs. The acquisition is: Valued at ₹29.2 billion (a 6% discount to independent valuation) Structured as a ₹18.2 billion share swap Expected to complete by Jan 2026 Accretive to NOI (+9.1%) and DPU (+1.7%) JM Financial maintains an ADD rating with a target price of ₹470 . This blog focuses solely on raw analysis — fundamentals, metrics, valuations, sentiment, and investment implications. 🟡 •• Acquisition Overview: What Exactly Has Mindspace Bought? 🔹 ••• Asset 1: Ascent, Worli (Mumbai) Leasable area: 0.45 msf Committed occupancy: 86% Current rentals: ₹302/sq ft/month New leasing range: ₹300–350/sq...