Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Merger or Acquisition (March 2026)
30 slides from Mindspace Business Parks Reit's merger presentation, Mar 31, 2026
Slide 1: Mindspace Business Parks REIT Acquisition Update
Perspective Mindspace Business Parks REIT Acquisition Update 31 March, 2026 1 mindspacereit.com
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 Commerzone Pallikaranai Proforma Portfolio 17 Chennai Office Market 21 MREIT: At a Glance 26 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 SPVs acqu
Slide 5: Acquisition Opportunity: Commerzone Pallikaranai
Acquisition Opportunity: Commerzone Pallikaranai mindspacereit.com 5 Lobby
Slide 6: Commerzone Pallikaranai – Marquee asset in emerging growth corridor of Chennai
Commerzone Pallikaranai – Marquee asset in emerging growth corridor of Chennai c. 2.6 msf Total Leasable Area (1) c. 1.4 msf Total Completed Area c. 70% Committed Occupancy (2) INR 26.3 Bn Gross Asset Value (3) INR c. 63 psf In – Place Rent c. 38% MTM Potential (4) Commerzone Pallikaranai Actual ima
Slide 7: REIT's 3rd sponsor acquisition
Well Positioned to Capitalize on Robust commercial office demand in Chennai Leasable Committed In-Place Average SPV Block Status WALE(1) Area Occupancy Rent (2) GAV(3) Msf (%) (Yrs) (INR psf) (INR Bn) Under development Sycamore Block 1 (Expected completion – 1.18 - - - 8.3 Properties Private March 2
Slide 8: 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 Phoenix Market Uniquely positioned
Slide 9: Recently Delivered Grade A asset designed to draw premium occupiers
Recently Delivered Grade A asset designed to draw premium occupiers 57% Leasing to Shell, a Global Fortune 500 Shell’s Lease marks the largest transaction tenant in PTR in the last 5 years (1) Block 1 offers expansion options and 66% of committed space with GCCs consolidation space Located in PTR ma
Slide 10: Elegantly Designed Ambience for a Modern Workstyle
Elegantly Designed Ambience for a Modern Workstyle Lobby Lobby OPA Lobby Food Court Food Court Entrance OPA m i Block n d s p2 aand c e r3e-i Actual t . c o mimages of the asset 10
Slide 11: Designed to attract marquee occupiers seeking a contemporary business environment
Designed to attract marquee occupiers seeking a contemporary business environment Lobby Lobby OPA Commerzone Pallikaranai Commerzone Entrance Pallikaranai Lobby OPA m i Block n d s p2 aand c e r3e-i Actual t . c o mimages of the asset 11
Slide 12: Upcoming Block with Expansive floor plates
Upcoming Block 1 with Expansive floor plates ideal for large occupiers and consolidation Strategically positioned to capture growing demand along PTR Road in Chennai Perspective Actual Image Perspective IGBC NB V3 1.2 msf March 2027 Estimated Completion Platinum rating Total leasable area (Pre certi
Slide 13: Acquisition of a High Quality Asset in a Supply Constrained Fast Growing micro market
Acquisition of a High Quality Asset in a Supply Constrained Fast Growing micro market (1) • Located on PTR road, Chennai; Market with lowest vacancy of ~7% , among metro cities Grade-A Asset with significant growth • Expansion of footprint in Chennai to 3.7 msf (c. 9% by area) potential • 1.2 msf of
Slide 14: Robust Inorganic Growth since Listing
Robust Inorganic Growth since Listing Acquisitions well diversified across Mumbai, Hyderabad, Pune, Chennai Commerzone Raidurg, 1.8 msf Commerzone Porur, 0.24 msf c. 6.6 Msf c. 88 Bn Area Added GAV of Acquisitions Ascent, Worli, 0.45 msf Mindspace Madhapur, 0.3 msf The Square Avenue 98 Commerzone Ye
Slide 15: Accretive Acquisition for Unitholders across Key Metrics
Accretive Acquisition for Unitholders across Key Metrics Acquisition of asset to be long term accretive to unitholders Implied Cap Rate (NOI Yield) % Proforma NOI (INR Mn) NAV (INR per unit) Price psf 11,368 (a) 12,792 10.2% 27,956 INR 2.2 pu 487.1 7.7% 484.9 7.3% 25,363 6.6% Existing MREIT Commerzo
Slide 16: Transaction funding through preferential issuance
Transaction funding through preferential issuance Gross Acquisition Price and Share Purchase Consideration for 2 SPVs holding the Asset c. 3.4 % Discount to Valuation(1) Share Price Consideration 26,366 26,230 Particulars INR Mn Gross Acquisition Price(2) 25,409 25,409 Add/ (Less): Net Debt(3) (18,1
Slide 17: Proforma Portfolio
Proforma Portfolio mindspacereit.com 17 Commerzone Pallikaranai
Slide 18: Acquisition to help enhance Portfolio Size and Quality
Acquisition to help enhance Portfolio Size and Quality Particulars Pre Acquisition (1) Post Acquisition Total Leasable Area (2)(3) msf 39.0 (2) 41.6 (3) GAV(4)(5)(6) (INR Bn) 441.3 467.6 NAV (INR pu) 484.9 487.1 LTV (4)(7) 25.6% 28.0% NOI for FY26(8) (INR mn) 25,363 27,956 Note: All numbers are as o
Slide 19: Acquisition Guided by Strong Governance Standards
Acquisition Guided by Strong Governance Standards • Two independent valuations undertaken Valuation • Review of Valuation Method and Assumptions for Valuer 1 done by Independent Reviewed by IPC Property Consultant Independent • Acquisition approved by Investment and Audit Committees and Independent
Slide 20: Transaction Process Validated by Independent Advisors
Transaction Process Validated by Independent Advisors Independent Valuers Independent Reviewer 1 KZen Valtech SVEE Valuation and Private Limited Advisory LLP Renowned Due Diligence Advisors Financial & Tax DD ESG DD Legal DD Technical DD Title DD Ernst & R&P Envint Partners Young LLP Secretarial DD
Slide 21: Chennai Office Market
Chennai Office Market mindspacereit.com 21 Commerzone Porur
Slide 22: 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% T-Hub 2.0, the world’s largest technology incubator (1) Lobby psf pm Average R
Slide 23: 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 67% Completed stock(1) GCC Share of Absorption Lobby ~8.6% c.2 msf CAGR growth in rentals Record gross absorption (2021-25) Lobb
Slide 24: PTR – Chennai's Fastest growing market leading leasing activity in next 2 years
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 5.2 110 105 98 5.0 100 4.4 95 90 4.0 90 83 4.0 85 76 80 71
Slide 25: 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 quoting INR 120 -140 psf due to constraint supply Limited supply in OMR Zone 1 likely to benefit PTR due to demand spill over Single-digit vacancy in OMR Zone-1 Significant Rental Arbitrage betwee
Slide 26: MREIT: At a Glance
MREIT : At a Glance mindspacereit.com 26 Commerzone Pallikaranai
Slide 27: Mindspace REIT - Delivered Robust Performance since listing
Mindspace REIT - Delivered Robust Performance since listing Cumulative distribution of INR 105.7 p.u. since listing c. 27.1 msf (1) 6.2% CAGR Gross Leasing In-place rent(5) INR 63.3 Bn 16.6 % Total distribution(2) Annualized returns(3) 3.8 msf Delivered New 4.0 msf Developments Area Acquired(8)(9) 7
Slide 28: 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: SPV: K SPV: SPV: KRC SPV: SPV: SPV: SPV: SPV: Avocado SPV: SPV
Slide 29: Key Definitions
Key Definitions Term Definition Term Definition Acquisition/ LTV Loan to value Sycamore Acquisition of equity shares held by Sellers in Sycamore Properties Private Limited and Content LLP Limited Liability Partnership Acquisition/ Content Properties Private Limited by Mindspace REIT. Market Rent (ps
Slide 30: Thank You
Thank You mindspacereit.com 30 Lobby
Mindspace Business Parks REIT — Merger or Acquisition (March 2026) on 6ix