Mindspace Business Parks REIT has completed two significant property acquisitions in Chennai, Tamil Nadu, and has allotted units on a preferential basis as consideration for both transactions. The Allotment Committee of the Board of Directors of K Raheja Corp Investment Managers Private Limited, acting as the Manager to Mindspace Business Parks REIT, approved the allotments at its meeting held on May 07, 2026. These developments follow intimation letters dated March 31, 2026 and April 27, 2026, which had communicated the outcome of the board meeting and the voting results of resolutions approved by unitholders through postal ballot.

Acquisition of Content Properties and Sycamore Properties

Mindspace Business Parks REIT, acting through its trustee, has successfully completed the acquisition of 100% equity shareholding and interest in two entities — Content Properties Private Limited and Sycamore Properties Private Limited — after satisfying all conditions precedent under the respective share purchase agreements and receiving all necessary approvals. Both acquired entities own land and buildings located at Pallikaranai Village, Sholinganallur Taluk, Chennai District, Tamil Nadu.

The key details of the acquired assets are summarised below:

Preferential Unit Allotment Details

Pursuant to the applicable provisions of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, and in terms of Chapter 10 of the Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025 on guidelines for preferential issue and institutional placement of units by listed REITs, the Allotment Committee approved the following unit allotments as consideration for the acquisitions:

Regulatory Compliance and Disclosure

The allotments were carried out in accordance with the REIT Master Circular and all other applicable laws. The information pertaining to these allotments has been made available on Mindspace Business Parks REIT's website at the investor relations section for stock exchange filings. The disclosure was signed by Mridul Gupta, Company Secretary and Compliance Officer of K Raheja Corp Investment Managers Private Limited, on May 07, 2026.

Mindspace Business Parks REIT has successfully raised INR 500 crore through the allotment of 50,000 Non-Convertible Debentures (NCDs) on May 06, 2026. The issuance carries a fixed coupon rate of 7.63% per annum, payable quarterly, with a tenor of 10 years and a final redemption date of May 06, 2036. The debentures were fully subscribed by one of India's leading life insurance companies and hold AAA/Stable ratings from both CRISIL and ICRA. Proceeds from this issuance will be deployed towards refinancing existing borrowings.

NCD Issuance Details

The allotment of 50,000 secured, redeemable, transferable, taxable, non-cumulative NCDs was approved by the Executive Committee of the Board of Directors of K Raheja Corp Investment Managers Private Limited, acting as Manager to Mindspace REIT, at its meeting held on May 06, 2026. The pricing was determined through bidding conducted via the Electronic Book Provider (EBP) Platform of BSE Limited. The key terms of the issuance are summarised below:

Strategic Rationale

This debt capital raise is consistent with Mindspace REIT's strategy to lock in fixed rates for longer durations. The approach ensures predictability of debt servicing costs, protection against interest rate volatility due to macroeconomic factors, and expansion of the investor base. Including this transaction, Mindspace REIT and its SPVs have cumulatively raised approximately INR 16,400 crore through capital market instruments, including NCDs, Commercial Papers, Green Bonds, and Sustainability Linked Bonds. Mindspace REIT's debt investor base spans across mutual funds, insurance companies, and pension funds.

Management Commentary

Mr. Ramesh Nair, CEO & MD, Mindspace REIT, stated, "We manage a REIT where income is stable, long-term, and predictable, and our borrowing strategy reflects the same discipline. We are happy to have one of India's leading life insurance companies commit capital to us for 10 years, signalling the trust and interest in our papers. We are committed to long-term value creation through strong operating performance, judicious capital allocation and cost optimisation strategies."

Ms. Preeti Chheda, CFO, Mindspace REIT, added, "This 10-year fixed-coupon NCD is consistent with our strategy to shift a larger share of borrowings to fixed interest instruments and lock in longer tenures to ensure greater cash flow stability. Mindspace REIT's strong and consistent credit track record has enabled access to capital at competitive interest rates, despite the macroeconomic headwinds, supporting higher net distributable cashflows."

Regulatory Context

The allotment follows an earlier approval dated April 29, 2026, subject to the condition that aggregate consolidated borrowings do not exceed 33% of total assets. The fund-raising was approved such that net debt does not exceed INR 1,57,000 Million. The disclosure complies with SEBI (REIT) Regulations, 2014, and SEBI (LODR) Regulations, 2015.