Mindspace Business Parks REIT has entered into an agreement to build three built-to-suit data centres for Princeton Digital Group at Airoli in Mumbai, where the REIT has a 50-acre campus ecosystem.
The REIT has already developed two data centres for PDG with an area of 6.3 lakh square feet and the current contract will add 10 lakh square feet to its portfolio.
When completed, the business Park will feature five data center buildings and the total data center footprint within the Mindspace REIT portfolio will stand at 16.5 lakh square feet. “This landmark development spanning 15 acres, will become a part of the larger 50-acre campus ecosystem of Mindspace Airoli West,” the REIT said in a statement.
“This deal reinforces our commitment to diversifying our portfolio and tapping into high-growth sectors like data centres,” said Ramesh Nair, CEO, Mindspace REIT.
“For us, integrating data centres into our portfolio makes strategic sense as they offer stable and long-term revenue streams, future proofs our portfolio, and help diversify income sources,” he added.