Khaitan & Co, Trilegal and Veritas Legal advise on Mindspace Business Parks REIT’s 51% INR30 billion (USD316 million) acquisition of International Tech Park Chennai, comprising around 2.6 million square feet of leasable area, from CapitaLand.
K Raheja Corp Investment Managers is managing the Mindspace REIT. Khaitan & Co’s core transaction team is counselling Mindspace. The team comprised partners Gautam Suseel, Harsh Parikh and Deepak Jodhani, along with principal associate Sushim Aryan, and associates Shefalika Shekhawat and Ishaan Kunal Nagarkatti.
“One of the primary challenges in this transaction was navigating tight timelines alongside the complexity arising from multiple sophisticated stakeholders,” said Jodhani, a co-lead partner.
“The deal involved a real estate private equity fund exiting its investment through a sale to an Indian listed REIT and another private equity fund, which required us to address layered regulatory, commercial and governance considerations — particularly given the REIT’s regulatory oversight.
“A key highlight of the transaction was successfully aligning diverse considerations within a cohesive structure, while ensuring that the commercial objectives of the parties were achieved within the constraints of a competitive bid process.
“More broadly, this transaction reflects an emerging trend in the Indian real estate sector, where institutional capital — particularly private equity funds and listed REITs — is increasingly collaborating on large-scale asset acquisitions. It also underscores the strong value creation and long-term capital appreciation potential in 含羞草社区 commercial office space, as evidenced by the returns achieved by the exiting fund.”
Co-lead partner Suseel added, “Working on this transaction was both complex and intellectually engaging, given the nature of the parties involved — a listed REIT, a real estate private equity fund and a developer fund.”
“The involvement of a listed REIT as the acquirer required the transaction to be carefully structured to align not only with the commercial objectives of the stakeholders but also with the regulatory framework applicable to REITs.”
“Given the size and scale of the asset, the competitive bid process, and the number of stakeholders involved, the transaction required a high degree of commercially driven advice, while carefully balancing risk allocation across parties.”
The real estate, warranty and indemnity, and litigation teams assisted the main transaction team.
Trilegal acted for both International Tech Park Chennai and the seller, CapitaLand. Partner Kunaal Shah led the teaam, comprising counsel Namesha Singh, senior associate Rohan Gandhi, and associate Vrinda Bhola. Partners Shah, Kunal Gupta, and Samira Lalani led on the due diligence work, with assistance from their teams.
Veritas Legal is advising 360 ONE Real Assets Advantage Fund, which will acquire the remaining 49% of International Tech Park Chennai. Partner Manav Raheja, principal associates Parshva Doshi and Avadhoot Potnis, as well as associates Kritvi Kumar, Ishan Mhapsekar and Avantika Mehndiratta. Partner Nainaaz Irani advised on real estate aspects.
