Mindpsace REIT's SPV To Sublease 6.3 Lakh Sq Ft In Mumbai

Mindspace Business Parks REIT said its arm Gigaplex Estate has entered into an agreement to sub-lease about 6.3 lakh sq ft space in Mumbai to a data centre operator. Gigaplex Estate Pvt Ltd, one of the special purpose vehicles of

BY Realty Plus
Published - Thursday, 25 Mar, 2021

Mindpsace REIT's SPV To Sublease 6.3 Lakh Sq Ft In Mumbai

Mindspace Business Parks REIT said its arm Gigaplex Estate has entered into an agreement to sub-lease about 6.3 lakh sq ft space in Mumbai to a data centre operator. Gigaplex Estate Pvt Ltd, one of the special purpose vehicles of Mindspace REIT, has entered into an agreement with a leading data centre operator to sub-lease approximately 0.63 million sq ft at Mindspace, Airoli West, Mumbai, according to a regulatory filing. With increased internet usage, growing demand for data storage and anticipated data localisation norms, Mumbai stands to benefit due to its geographical and infrastructural advantage, it added. Mindpsace REIT, the country's second Real Estate Investment Trust (REIT), is sponsored by realty firm K Raheja Corp and global investment firm Blackstone. It was listed last year after raising Rs 4,500 crore through REIT public issue.