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.
The REIT will provide PDG with a full range of turnkey services, including power infrastructure.
PDG, backed by Warburg Pincus, Ontario Teachers’Pension Plan and Mubadla develops and operates data centers in six Asian countries including India, China, Singapore, Indonesia, Malaysia and Japan. In India the hyperscaler has chosen Mumbai for its data center operations. The five buildings in the campus will have a total IT load of 150 MW, according to the company.
K Raheja-sponsore Mindspace REIT operates a portfolio of commercial spaces with a total leasable area of 33.6 million square feet, of which 26.3 msf is completed.