Billionaire Chandru Raheja Sells 1.49% Stake In Mindspace REIT For ₹500 Cr

Billionaire Chandru Lachmandas Raheja has divested his holding in Mindspace Business Parks REIT by selling a 1.49% stake for ₹500 crore through a bulk deal on the BSE.

After the stake sale, Mindspace Business Parks REIT were trading 0.18% lower at ₹504.05 a unit on Tuesday.

Raheja, Chairman of real estate major K Raheja Corp, sold 99,00,990 units, representing a 1.49% unitholding in the Mumbai-based REIT.

The transaction was executed on Monday at an average price of ₹505 per unit, taking the transaction value to ₹499.99 crore, according to exchange data.

Details of the buyers of Mindspace Business Parks REIT's units could not be identified from the exchange data.

Raheja's latest transaction comes as the K Raheja Corp group continues to have a significant footprint in India's commercial real estate market, with brands such as Mindspace, Commerzone, Crossword Bookstores and Shoppers Stop.

Mindspace Business Parks REIT, a Sebi-registered real estate investment trust (REIT), has 36 million square feet (msf) of completed area, 6.6 msf under construction area and 3.6 msf future development area.

It offers Grade-A integrated business parks, standalone office buildings, and high-tech data centres across key commercial districts in Mumbai, Hyderabad, Pune, and Chennai.

Anbee Constructions LLP and Cape Trading LLP, both part of K Raheja Corp Group, were the sponsors of the REIT.

K Raheja Corp is run by Chandru Raheja's sons Neel and Ravi. The group listed Chalet Hotels, which owns properties, including JW Marriott in Mumbai and Westin in Hyderabad, in 2019.

A year later, it listed part of its commercial properties, co-owned with private equity firm Blackstone, through Mindspace Business Parks REIT.