Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Merger or Acquisition (April 2026)
32 slides from Mindspace Business Parks Reit's merger presentation, Apr 14, 2026
Slide 1: Acquisition Update – International Tech Park Chennai, Radial Road
Mindspace Business Parks REIT Acquisition Update – International Tech Park Chennai, Radial Road (ITPC RR) mindspacereit.com 14 April, 2026 1
Slide 2: Disclaimer
Disclaimer Before continuing to read this presentation (“Presentation”), you agree to be bound by the following terms, conditions and limitations: This Presentation is for information purposes only and is not intended for any specific purpose, including for any investment purposes, financial advice,
Slide 3: Disclaimer
Disclaimer This Presentation is not intended to be an offer or placement for the purposes of the Alternative Investment Fund Managers Directive (“AIFMD”), and any “marketing” as defined under AIFMD may only take place in accordance with the national private placement regimes of the applicable Europe
Slide 4: Table of Contents
Table of Contents Acquisition Opportunity: 5 International Tech Park Chennai Transaction Structure 21 Chennai Office Market 25 MREIT Structure 29 Note: FY26 numbers, wherever used in this presentation, are based on actual numbers for 9M FY26 and considering Q4 FY26 to be same as Q3 FY26, including S
Slide 5: Acquisition Opportunity: International Tech Park Chennai, Radial Road
Acquisition Opportunity: International Tech Park Chennai, Radial Road mindspacereit.com 5 5 ITPC Actual Image
Slide 6: Expanding presence in Chennai
Expanding presence in Chennai We are now amongst Top 2 office asset owners in Chennai* Largest external acquisition of INR 30 Bn since listing m i n d sJLL *Source: p aReport c e r e i t .(defined com hereafter) 6 6 Actual Image
Slide 7: Chennai: Tripling Presence, Tripling Impact
Chennai: Tripling Presence, Tripling Impact 1.2 msf 6.3 msf 3% of MREIT Portfolio 14% of MREIT Portfolio (1) (by area) (by area) ITPC RR Commerzone Porur Commerzone Pallikarnai 1. minIncludes d s p aproposed c e r e i t ITPC . c oRR m acquisition and Commerzone Pallikaranai acquisiton (subject to Un
Slide 8: A Trophy asset addition to Mindspace REIT's portfolio
A Trophy asset addition to Mindspace REIT’s portfolio c. 2.6 msf Total Leasable Area(1) Tower 1 c. 87% Tower 2 c. 28% (completed recently in Sep-25) Committed Occupancy(2) INR c. 72 psf In-Place Rent(2) INR 30.6 bn Gross Asset Value(3) Actual Image 19% Shall be re-branded to MTM Potential(4) “One Ra
Slide 9: Partnership with 360 One – India's leading wealth asset manager
Partnership with 360 One – India’s leading wealth asset manager First SPV level investor participation in Mindspace REIT Portfolio post listing • Mindspace REIT and 360 One co-invest with 51:49 stake • 2nd Major Third-Party Acquisition Within 12 Months, in line with Mindspace REIT’s growth strategy
Slide 10: Strategically located on 200 ft wide PTR Road, adjacent to OMR Zone I
Strategically located on 200 ft wide PTR(1) Road, adjacent to OMR Zone I PTR emerging as a key IT corridor driven by campus style developments, scalable supply and good social infrastructure Defined by its central location and exceptional connectivity Radisson Blue Uniquely positioned between Triden
Slide 11: Global Corporates Anchor The Park, Occupying 97% of Leased Area
Global Corporates Anchor The Park, Occupying 97% of Leased Area Office (% Area Occupied) Diversified tenant-mix across sectors (1) World’s largest Global wind retailer technology leader E-Commerce, (32%) (24%) 32% Others, 11% Global financial Global CX services provider solutions provider Financial
Slide 12: Aesthetically Designed Grand Atrium Lobby Enhances Arrival Experience
Aesthetically Designed Grand Atrium Lobby Enhances Arrival Experience Lobby mindspacereit.com 12
Slide 13: Designed for Comfort, Built for Productivity
Designed for Comfort, Built for Productivity Lobby Food Court Actual Image Actual Image mindspacereit.com 13
Slide 14: PTR – Poised to Benefit From OMR Zone 1 Demand Spill Over
PTR – Poised to Benefit From OMR Zone 1 Demand Spill Over Rentals for institutional space in OMR Zone 1 being quoted at INR 120 -140 psf due to supply constraint Limited supply in OMR Zone 1 likely to benefit PTR due to demand spill over Single-digit vacancy in OMR Zone-1 Significant Rental Upside b
Slide 15: Dual Asset Approach to Drive Pricing Advantage
Dual Asset Approach to Drive Pricing Advantage Commerzone Pallikaranai 2.6 msf(1) 80-90 5.2 69 msf ITPC RR 2.6 msf In-place rent (2) Market Rent Synergy Simultaneous acquisition – A unique opportunity to drive synergies along PTR corridor Unlocking Through Addition of 2 Marquee Future Ready Assets G
Slide 16: Compelling Investment Opportunities at Attractive Cap Rates
Compelling Investment Opportunities at Attractive Cap Rates Implied Cap Rate (NOI Yield) % Proforma NOI (INR Mn) 9.1% 29,301 8.3% 7.7% 7.7% 7.3% 25,363 2.6 2.6 0.7 0.7 1.2 msf msf msf msf msf ITPC Commerzone Block 2 Block 3 Block 1 Existing MREIT NOI Post Acquisition - ITPC and Pallikaranai (complet
Slide 17: Strategic Expansion Through a Large-Scale Acquisition
Strategic Expansion Through a Large-Scale Acquisition c. 2.0% Discount to Valuation Purchase Consideration(2) INR Million Particulars INR Mn Gross Acquisition Price 30,000 30,614 Add/ (Less): 30,000 Net Debt (10,766) Security Deposit (517) Other Assets / Liabilities(3) (530) Purchase Consideration 1
Slide 18: Mindspace REIT's expanding presence in Chennai
Mindspace REIT’s expanding presence in Chennai Commerzone Commerzone Porur(1) ITPC Radial Road(2) Total Pallikaranai(3) Leasable Area (msf) 1.2 2.6 2.6(4) 6.3 GAV (INR Bn) 12.8 30.6 26.3 69.8 NOI (INR Bn) 1.0 2.4 2.7 6.2 No. Of Office Tenants 11 9 5 25 1. Commerzone Porur data is as on Dec’25, GAV i
Slide 19: Acquisitions well diversified across Mumbai, Hyderabad, Pune, Chennai
Robust Inorganic Growth since Listing Acquisitions well diversified across Mumbai, Hyderabad, Pune, Chennai Commerzone Raidurg, 1.8 msf Commerzone Porur, 0.24 msf c. 9.1 Msf c. 106 Bn Area Added GAV of Acquisitions Ascent, Worli, 0.45 msf Mindspace Madhapur, 0.3 msf The Square Avenue 98 ITPC, Radial
Slide 20: Acquisition to Help Enhance Scale of the Portfolio
Acquisition to Help Enhance Scale of the Portfolio Particulars Pre Acquisition Post Acquisition(1) Total Leasable Area msf 39.0 (2) 44.2 (3) GAV(4)(5)(6)(7) (INR Bn) 441 483 NOI 25,363 (7) 29,301 (8) LTV (4)(5)(9)(10) 25.6% 30.3% Note: All numbers are as on 31st Dec 2025, adjusted for SPVs acquired
Slide 21: Transaction Structure
Transaction Structure mindspacereit.com 21 Actual Image
Slide 22: Collaborative Growth Through Strategic Partnership with 360 One
Collaborative Growth Through Strategic Partnership with 360 One Future growth opportunity for MREIT through potential acquisition of 100% ownership in the Asset on Investor Exit 51% (1) 49% (1) Radial IT Park Private Limited (Entity being acquired) International Tech Park Chennai, Radial Road min (1
Slide 23: Acquisition Guided by Strong Governance Standards
Acquisition Guided by Strong Governance Standards Valuation • Undertook independent valuation • Review of Valuation Method and Assumptions done by Independent Reviewed by IPC Property Consultant • Acquisition approved by Investment Committees and Board of Board Approval Directors of the Manager Due
Slide 24: Transaction Process Validated by Independent Advisors
Transaction Process Validated by Independent Advisors Independent Valuer Industry Report & Independent Reviewer(1) KZen Valtech Private Limited Renowned Due Diligence Advisors(2) Financial & Tax DD Legal & Title DD / Documentation Ernst & Young LLP Secretarial DD Technical DD ESG DD Envint m1.i n dI
Slide 25: Chennai Office Market
Chennai Office Market mindspacereit.com 25 25 Actual Image
Slide 26: Chennai – India's most resilient and high-growth commercial hub
Chennai – India's most resilient and high-growth commercial hub Technology, BFSI, manufacturing & engineering sectors - key demand drivers c.84 ~7.1% msf Grade A stock(1) Lowest Grade A vacancy amongst metros INR ~ 76 20% psf pm Average Rentals 2nd highest share in overall GCC leasing 7.5 5.7 msf la
Slide 27: PTR – Chennai's most compelling office investment opportunity
PTR – Chennai’s most compelling office investment opportunity Strategically located adjacent to OMR Zone I, serving as the next significant IT corridor in Chennai c.11 msf Completed stock(1) 67% GCC Share of Absorption ~8.6% CAGR growth in rentals (2021-25) c.2 msf Record net absorption Actual Image
Slide 28: PTR – Chennai's Fastest growing market leading leasing activity
PTR– Chennai’s Fastest growing market leading leasing activity in next 2 years Rental growth supported by tight vacancies and Consolidation opportunity for large occupiers strong Grade-A supply % Supply of PTR in 55% 56% 26% Chennai (%) 6.0 5.2 110 5.0 105 98 4.4 100 95 90 4.0 4.0 90 83 85 76 2.9 80
Slide 29: MREIT Structure
MREIT Structure mindspacereit.com 29 ITPC Actual Image
Slide 30: Structure of Mindspace REIT
Structure of Mindspace REIT Unitholders Investment In Distribution Mindspace REIT Investment Manager Trust Trustee K Raheja Corp Investment Mindspace Business Parks REIT Axis Trustee Services Limited Managers Private Limited(1) SPV: SPV: K SPV: SPV: KRC SPV: SPV: SPV: SPV: SPV: SPV: Avocado SPV: SPV
Slide 31: Key Definitions
Key Definitions Term Definition Term Definition Acquisition / ITPC RR Acquisition of c. 51% stake (in equity shares & CCDs) held by Sellers in Radial IT Park Private Limited Market Rent (psf Manager’s estimate of Base Rent that can be expected from leasing of the asset to a tenant Acquisition by Min
Slide 32: Thank You
Thank You mindspacereit.com 32
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