Mindspace Business Parks Reit · NSE:MINDSPACE.RR
Mindspace Business Parks Reit — Merger or Acquisition (November 2025)
42 slides from Mindspace Business Parks Reit's merger presentation, Nov 28, 2025
Slide 1: Mindspace Business Parks REIT Acquisition Update
Mindspace Business Parks REIT Acquisition Update 28th November 2025 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 (a) is for information purposes only and is not intended for any specific purpose, including for any investment purposes, financial adv
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: Overview 5 Acquisition Opportunity: Ascent- 8 Worli, Mumbai Acquisition Opportunity: Pune Office 16 Building Acquisition Opportunity: The Square Avenue 98 (BKC 20 Annex), Mumbai Proforma Portfolio 27 Office Market 31 MREIT : At a Glance 38 Note: FY26 number
Slide 5: Acquisition Opportunities: Overview
Ascent - Worli, Mumbai Acquisition Opportunities: Overview mindspacereit.com 5 Actual Image
Slide 6: Strategic Acquisition of Prime CBD assets enhancing the Front Office Portfolio
Strategic Acquisition of Prime CBD assets enhancing the Front Office Portfolio Portfolio of 3 completed assets located in high performing micro markets Lobby The Square Avenue 98, BKC Annex INR 31.1 Bn Gross Asset Value(1) c. 0.8 msf Total Leasable Area c.91% Committed Occupancy(2) c. 7.0 years WALE
Slide 7: Quality Assets well positioned to capitalize on commercial office demand
Quality Assets well positioned to capitalize on commercial office demand Leasable Committed Average Assets WALE In-Place Rent Area(1) Occupancy(1) GAV(2) Msf (%) (Yrs) (INR psf pm) (INR Bn) Ascent-Worli 0.45 86 8.9 302 22.9 The Square Avenue 98 0.22 100 2.1 197 6.7 (BKC Annex) Pune Office Building 0
Slide 8: Acquisition Opportunity: Ascent - Worli, Mumbai
Lobby Acquisition Opportunity: Ascent - Worli, Mumbai mindspacereit.com 8 Actual Image
Slide 9: Ascent – Worli – Premium Asset in Mumbai's Prime Business District
Ascent – Worli – Premium Asset in Mumbai’s Prime Business District c.0.45 msf Total Leasable Area INR 302 psf pm In-place rent Newly completed building(1) c. 86% Committed Occupancy c. 8.9 years WALE INR c. 22.9 Bn Gross Asset Value(2) c.16 ksf (36 units) Residential units (planned to be rented) Asc
Slide 10: Centrally located in the upscale district of Worli with seamless Connectivity
Centrally located in the upscale district of Worli with seamless Connectivity Infrastructure upgrades driving resurgence of Worli as a commercial and lifestyle hub Distinguished by its superior connectivity to key transport corridors Convenient access to Nariman point, BKC and Lower Parel c. A 150-m
Slide 11: Modern and Sustainable Asset designed to attract marquee occupiers
Modern and Sustainable(1) Asset designed to attract marquee occupiers Lobby Key Occupiers Office Goldman Sachs Dream11 The Executive Centre Retail Home to leading global and domestic corporations Akina Designed to deliver a premium experience for its occupiers Integrated ecosystem combining office w
Slide 12: Coveted Address for occupiers seeking premium commercial destination
Coveted Address for occupiers seeking premium commercial destination Lobby OPA Entrance OPA m i Actual n d s pimages a c e rof e ithe t . casset om 12
Slide 13: Property features exclusive signature restaurants and planned cafes
Property features exclusive signature restaurants and planned cafes OPA Akina Akina Lobby m i Actual n d s pimages a c e rof e ithe t . casset om 13
Slide 14: Enhancing Front office portfolio with addition of a Prime CBD asset
Enhancing Front office portfolio with addition of a Prime CBD asset • Located in the prime office market of Worli with market vacancy of only c. 6%(1) Grade A+ Asset located in Prime • Preferred destination for front offices of financial institutions Commercial market • Rent CAGR of 7.0% (1) from 20
Slide 15: Accretive acquisition for Unitholders across key metrics
Accretive acquisition for Unitholders across key metrics Key Proforma Metrics for comparison Implied Cap Rate (NOI Yield) Implied Distribution Yield % % 7.5 6.3 c. 11% 6.7 c. 23% 5.1 Existing MREIT Ascent - Worli Existing MREIT Ascent - Worli Portfolio Portfolio MREIT Cap rate is calculated as Profo
Slide 16: Acquisition Opportunity: Pune Office Building
Pune Office Building No.8 Acquisition Opportunity: Pune Office Building mindspacereit.com 16 Actual Image
Slide 17: Stable rent generating asset with long term lease
Stable rent generating asset with long term lease c. 0.1 msf Total Leasable Area 100% Committed Occupancy(1) Leased to WeWork c. 6.8 years WALE Pune Office Building No.8 INR c. 1.5 Bn Acquisition Price at a 9.4% discount to average valuation of 2 Independent valuations Gross Asset Value(2) Implied c
Slide 18: Located in the heart of Kalyani Nagar, Pune
Located in the heart of Kalyani Nagar, Pune Located equidistant from Yerwada and Kalyani Nagar metro stations Airport Well connected to transit Infrastructure VIMAN NAGAR Sheraton Premium hospitality district Pheonix Mall with hotels such as Conrad, Ramwadi Metro station Westin, Hyatt and Sheraton G
Slide 19: Pramaan assets Acquisition at an Attractive Discount
Pramaan assets Acquisition at an Attractive Discount Acquisition Price c. 5.1% Discount to Valuation(1) (Ascent - Worli + Pune Office Building) INR Mn Particulars INR Mn 24,435 24,220 Gross Acquisition Price 23,076 1,420 1,525 23,076 Add/ (Less): 1,334 Net Debt(2,3) (7,541) Security Deposits (735) 2
Slide 20: Acquisition Opportunity: The Square Avenue 98 (BKC Annex), Mumbai
The Square Avenue 98, BKC Annex Acquisition Opportunity: The Square Avenue 98 (BKC Annex), Mumbai mindspacereit.com 20 Actual Image
Slide 21: The Square Avenue – CBD Asset leased to JP Morgan
The Square Avenue 98 – CBD Asset leased to JP Morgan, a Global Fortune 500 company The Square Avenue 98, BKC Annex c. 0.22 msf Total Leasable Area(1) INR 197 psf pm In-place Rent on Leased Area 100% Committed Occupancy (on Existing area) c. 2.1 years WALE c. 40% MTM Opportunity on re-letting(2) INR
Slide 22: Planned Area Enhancement and Upgrade
Planned Area Enhancement and Upgrade The Square Avenue 98, BKC Annex c. 62 ksf(1) Potential area addition (Approvals under process) c. 217 Ksf (2) Total Leasable Area post Area Enhancement INR c. 490 Mn Budgeted Capex for expansion/Upgrade Rental uplift through area expansion and MTM realization Per
Slide 23: Strategically Located in The Commercial Hub of BKC Annex
Strategically Located in The Commercial Hub of BKC Annex Well integrated with BKC Well connected to transit Grand Hyatt Infrastructure Situated on the Santacruz- Chembur Link Road Upcoming Bullet train Access to metro and proximity University Of station Mumbai, Kalina Kanakia The Square to Airport K
Slide 24: Strategic value-add acquisition with high rental growth potential
Strategic value-add acquisition with high rental growth potential Grade A Asset • 100% leased; Occupied by JP Morgan, a Global Fortune 500 company, since 2009 located in Prime Commercial market • Well-suited for single tenant occupancy • High MTM Opportunity with 2.1 years of WALE: - Given BKC renta
Slide 25: Offers significant value to unitholders
Offers significant value to unitholders Key Proforma Metrics for comparison Implied Cap Rate (NOI Yield) Distribution Yield % INR per unit 7.8 6.3 c. 12% 6.7 c. 22% 5.1 Existing MREIT The Square Existing MREIT The Square Portfolio Avenue 98 Portfolio Avenue 98 MREIT Cap rate is calculated as Proform
Slide 26: The Square Avenue 98 Acquisition at an Attractive Discount
The Square Avenue 98 Acquisition at an Attractive Discount c. 9.5% Discount to Valuation(1) Acquisition Price INR Mn 6,920 Particulars INR Mn 6,542 Gross Acquisition Price 6,089 6,089 Add/ (Less): Net Debt(2) (2,172) Security Deposits (149) Other Assets / Liabilities / 96 Other adjustments(3) Share
Slide 27: Proforma Portfolio
Akina Proforma Portfolio mindspacereit.com 27 Actual Image
Slide 28: Acquisition to help enhance Portfolio Size and Quality
Acquisition to help enhance Portfolio Size and Quality Particulars Pre Acquisition Post Acquisition Total Leasable Area (1) msf 38.2 (1) 39.0 (2) GAV(3,4) (INR Bn) 410.2 441.3 LTV (3,5) 24.2% 24.7% NOI(6,7) (INR mn) 25,006 27,268 INR 18,204 Mn INR 464.64 (8) p.u. upto c. 39.2 (9) Mn 28th Dec Total S
Slide 29: Acquisition Guided by Strong Governance Standards
Acquisition Guided by Strong Governance Standards Valuation • Two independent valuations undertaken • Review of Valuation Method and Assumptions done by 2 Independent Property Reviewed by IPCs Consultants Independent • Acquisition approved by Investment and Audit Committees and Independent Director
Slide 30: Transaction Process Validated by Independent Advisors
Transaction Process Validated by Independent Advisors Independent Valuers Independent Reviewers 1 ANVI Technical Anuradha L Advisors India Pvt Ltd Renowned Due Diligence Advisors Financial & Tax DD ESG DD Legal DD Technical DD Title DD Big 4 Firm Secretarial DD (For Ascent – Worli) m1.i n dIndepende
Slide 31: Mumbai Office Market
Mumbai Office Market mindspacereit.com 31 Mindspace Airoli West
Slide 32: Mumbai – The Financial Capital of India
Mumbai – The Financial Capital of India Progressive government policies and Infrastructure growth are key market drivers 116.9 3rd msf Largest Stock as on 30 Sep 2025 Grade A Office Stock In India ~8.2 ~10.2 T-Hub 2.0, the world’s largest technology incubator (1) msf % Net Absorption for Nine Vacanc
Slide 33: Worli – One of the four peninsulas of Mumbai
Worli – One of the four peninsulas of Mumbai Development of infrastructure led to entry of high grade supply and upward price revision ~1.5x 1.5 msf Growth in rentals from 2022 to New supply post 2018 9M 2025 primarily high quality T-Hub 2.0, the world’s largest technology incubator (1) (Due to addi
Slide 34: BKC & Annex – The Financial and Commercial hub of Mumbai
BKC & Annex – The Financial and Commercial hub of Mumbai BKC & Annex have sustained premium rentals due to strategic positioning & minimal fresh supply since 2021 c.14% 4.8 % CAGR growth in average Lowest vacancy as on 30 Sep rental from 2023 to 9M 2025 2025 since 2016 pushing rentals upward T-Hub 2
Slide 35: Mumbai – Growth in rentals and absorption
Mumbai – The Financial Capital of India Growth in rentals largely driven by entry of high Strong absorption help reducing vacancy grade supply and sustained demand 12.0 25.0% 347 23.4% 10.2% 10.7 Average Rental Trend psf 21.0% 9.6 9.1% 10.0 18.4% 9.3 20.0% 20.2% 8.2 293 332 10.9% 8.0 8.0 7.6 271 270
Slide 36: Pune Office Market
Pune Office Market mindspacereit.com 36 Commerzone Kharadi
Slide 37: Pune: The innovation corridor powering India's workplaces
Pune: The innovation corridor powering India’s workplaces Connectivity led and policy-enabled corridor expansion are key market drivers SBD East(1) Micro Market 85.5 ~25.7 (Includes Kalyani Nagar) msf msf INR Stock as on 30 Sep 2025 Expected supply in the next 3 years 101 psf ~4.8 pm msf Net absorpt
Slide 38: MREIT: At a Glance
MREIT: At a Glance mindspacereit.com 38
Slide 39: Delivered Robust Performance
Delivered Robust Performance Cumulative distribution of INR 99.9 p.u. since listing c. 26.1 msf (1) 6.2% CAGR Gross Leasing In-place rent(5) INR 59.5 Bn 16.3 % Total distribution(2) Annualized returns(3) 3.7 msf Delivered New 3.2 msf Developments Area Acquired 7.52 % p.a.p.m. 24.2 % Cost of Debt as
Slide 40: Structure of Mindspace REIT post acquisition
Structure of Mindspace REIT post acquisition Unitholders Investment In Distribution Mindspace REIT Investment Manager Trust Trustee K Raheja Corp Investment Managers Mindspace Business Parks REIT Axis Trustee Services Limited Private Limited(1) SPV: K Raheja SPV: Avocado SPV: SPV: KRC SPV: Gigaplex
Slide 41: Key Definitions
Key Definitions Term Definition Term Definition Acquisition / LLP Limited Liability Partnership Pramaan Acquisition Acquisition of equity shares held by Sellers in Pramaan Properties Private Limited and Sundew Real Market Rent (psf Base Rent that can be expected from leasing of the asset to a tenant
Slide 42: Thank You
Thank You mindspacereit.com 42
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