Mindspace Business Parks REIT has announced a significant pre-leasing arrangement for its Mindspace Madhapur campus in Hyderabad, marking a strategic expansion into luxury hospitality. The REIT has entered into an agreement with Chalet Hotels Limited for the development of a luxury hotel comprising c.5.3 lakh sq.ft. of leasable area.

Project Details and Investment

The luxury hotel development represents a substantial investment commitment with specific parameters outlined for execution:

The project will be undertaken through Mindspace REIT's Asset SPV, K. Raheja IT Park (Hyderabad) Limited (KRIT), with development subject to finalization of designs and requisite approvals.

Strategic Partnership Structure

The arrangement establishes a clear division of responsibilities between the partners to ensure execution efficiency. Under this structure, KRIT will develop and deliver the core and warm shell structure, while Chalet Hotels Limited will undertake all interior fit-outs and operationalization of the hotel and associated facilities.

Chalet Hotels Limited brings significant expertise as a leading owner, developer, asset manager and operator of high-end hotels in India, managing a portfolio of over 3,300 keys across marquee properties including JW Marriott Sahar Mumbai, The Westin Mumbai Powai Lake, The Westin Hyderabad Mindspace, and other premium hospitality assets.

Campus Integration and Ecosystem Enhancement

The Mindspace Madhapur campus represents Hyderabad's largest Grade A integrated business campus, spanning over 13 million square feet of premium IT/ITeS office space. The campus currently features:

• Two existing Westin-branded hotels
• Inorbit Mall for retail offerings
• Housing for more than 100,000 professionals
• Integrated 'work-stay-meet' ecosystem

The upcoming development will serve as the third on-campus hotel, further deepening the integrated ecosystem and supporting business travel, client engagements, and corporate events within the campus environment.

Strategic Value and Diversification

According to Ramesh Nair, CEO and MD of K Raheja Corp Investment Managers Private Limited, the development reflects the company's strategy of creating long-term value by strengthening ecosystems within existing business parks through high-quality, complementary uses. The initiative aims to enhance the attractiveness of Mindspace Madhapur for occupiers while providing meaningful revenue visibility through the long-tenure structure with built-in escalations.

The project also represents an opportunity for Mindspace REIT to further diversify its tenant mix across various sectors including GCCs, ITES sectors spanning Technology, Pharma, Oil and Gas, Data Centres, and Hotels, reinforcing the park's long-term competitiveness and premium positioning.

Mindspace Business Parks REIT has announced the reaffirmation of its credit rating by ICRA Limited for proposed non-convertible debentures. The development was communicated to stock exchanges on February 14, 2026, in compliance with regulatory requirements under SEBI regulations.

Credit Rating Details

ICRA Limited has reaffirmed the credit rating for Mindspace Business Parks REIT's debt instruments, maintaining the highest credit quality assessment. The rating reaffirmation covers proposed non-convertible debentures with substantial financial backing.

Regulatory Compliance

The intimation was made pursuant to Regulation 23(5) of the SEBI (Real Estate Investment Trusts) Regulations, 2014, and Regulation 51(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The REIT has notified both National Stock Exchange of India Limited and BSE Limited about the rating reaffirmation.

The communication was signed by Bharat Sanghavi, Company Secretary and Compliance Officer of K Raheja Corp Investment Managers Private Limited, which acts as the manager to Mindspace Business Parks REIT.

Rating Validation

ICRA Limited's letter dated February 13, 2026, confirmed that the ratings previously communicated on October 27, 2025, remain valid. The rating agency emphasized that this assessment should not be treated as a recommendation to buy, sell, or hold the long-term debt instruments to be issued by the REIT.

The terms and conditions for the rating remain unchanged from the original assessment communicated in October 2025. This reaffirmation demonstrates the REIT's continued financial stability and creditworthiness in the market.