Ladies and gentlemen, good day, and welcome to Chennai Assets Acquisition Update by Mindspace Business Parks REIT. Please note all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. With that, I hand over the call to Mr. Shravan Kailasa from Mindspace Business Parks REIT. Thank you, and over to you. Good evening, everyone, and thank you for joining us for this call to discuss the acquisition of the two assets in Chennai's Pallavaram-Thoraipakkam Road, PTR corridor. You may wish to refer to the presentations and press releases that have been uploaded in the Investor Relations section of our website. We would like to highlight that the Management may make certain statements that may be forward-looking in nature. Please be advised that the actual performance may differ materially from these statements. We do not guarantee these statements or results and are not obliged to update them at any point of time. Joining the call today are Ramesh Nair, our CEO and MD, Preeti Chheda, our CFO, and Govardhan Gedela, our Head of Corporate Finance. Ramesh will run you through the details of the acquisitions, after which we will open the floor to questions. Over to you, Ramesh. Thank you, Shravan. Good evening, everyone, and thank you for joining us on this call today. We are very pleased to announce the addition of two high-quality institutional grade assets in Chennai to our portfolio. The acquisitions comprise of International Tech Park Chennai, Radial Road, a trophy asset developed by CapitaLand. Second, the Commerzone Pallikaranai, a WELL and IGBC Platinum-certified campus developed by K Raheja Corp. Together, these two assets add a combined footprint of 5.2 million sq ft, taking our portfolio in Chennai to 6.3 million sq ft, making Mindspace REIT one of the largest institutional office owners in Chennai. Both assets are located along the Pallavaram-Thoraipakkam corridor, which is amongst the fastest-growing office markets in Chennai. The simultaneous acquisition of two marquee campuses of 2.6 million sq ft each creates a unique opportunity to drive synergies along the PTR corridor. Further, the two assets have enabled us to meaningfully scale our presence in the city. With this, the contribution of the overall portfolio grows from 3%, Chennai's contribution grows from 3% -1 4% in terms of area gross. This not only strengthens our presence in a high-growth market but also enhances geographic diversification in the portfolio. Chennai's office market is currently operating at an exceptionally tight vacancy of just 7%, the lowest amongst all major metros in the country. This supply-constrained environment gives us a strong leasing and pricing advantage. We have consciously planned the dual asset strategy to unlock value through two large office properties located just 10 minutes from each other, roughly 4 km from each other. We had originally planned to announce both these acquisitions together before the end of March, but the timeline for the second acquisition extended marginally, leading to the announcement yesterday evening. The combined acquisition consideration for both the assets is INR 5,500 crore, INR 3,000 crore for ITPC, and INR 2,500 crore for Commerzone Pallikaranai. The acquisitions are being funded through a prudent mix of debt and equity, including a preferential issue of units to the sponsor. For ITPC, we are pleased to partner with 360 ONE, India's leading wealth and asset manager. Under this structure, Mindspace's REIT will acquire a majority 51% stake, and the remaining 49% will be held by 360 ONE. This is an all-cash deal, and our investment will be funded through debt. For Commerzone Pallikaranai, we'll issue units of up to INR 675 crore to the sponsor at a price of approximately INR 485 per unit. The preferential issue is subject to unit holder approval. Together, these assets enhance our ability to offer occupiers flexibility for expansion or consolidation within the same corridor, a factor that's increasingly important for large global tenants. Over time, this clustering of GCCs and the talent pool will drive higher tenant stickiness and rental upside. Building on our track record, Commerzone Pallikaranai is our fifth acquisition from strong sponsor pipeline, while ITPC marks our second sizable third-party acquisition within the last 12 months. With a combined GAV of nearly INR 5,500 crores, these are the largest acquisitions in our journey till date. With these acquisitions, we have added about 9.1 million sq ft to the portfolio, translating to INR 10,600 crores of incremental GAV. This is a great reflection of how we consistently grow our portfolio in a disciplined and value-accretive manner. Just as importantly, acquisitions remain well-diversified across all the six core cities that we operate in. We've done acquisitions in Mumbai, Hyderabad, Pune, and Chennai. Our sponsor pipeline continues to provide visibility for future growth, while we remain equally well-positioned to evaluate third-party opportunities. Let me now walk you through the assets, starting with ITPC on Radial Road. ITPC is a 2.6 million sq ft, low-carbon trophy office campus developed by CapitaLand from Singapore. It is a brand-new institutional quality low-rise campus. Best-in-class design, best-in-class sustainability credentials. The asset is anchored by Global Capability Centers of some of the largest corporations globally. One of the world's largest retailer has a GCC along with marquee multinational tenants. Interestingly, 97% of the area has been let to blue-chip MNCs. It is home to a large U.S. based financial services firm, a leading European renewable energy solution provider, amongst others. The property features arguably the best atrium in the country. There's a seven-story high central atrium. It has design specs which are truly front office material. Both the towers offer large floor plates providing capability for large GCCs and Indian companies. This is designed as India's first triple net zero business park. It is a next-generation sustainable office campus targeting net zero outcomes across carbon emissions, water usage, and waste. The asset also holds IGBC Platinum and LEED pre-certification. From a leasing standpoint, Tower One is 87% occupied, while Tower Two, which was just completed in September 2025, stands at 28% occupied. The in-place rent in this property is around INR 72 per sq ft per month, with recent deals at INR 85 per sq ft per month. Along this corridor, we see a clear opportunity to capture demand at these levels for Tower Two. At INR 3,000 crore, this is the largest external acquisition since our listing, and it is expected to deliver an NOI growth of 9.5% on our FY 2026 pro forma basis on a 100% consolidated basis. We shall acquire 51% stake in the asset in partnership with 360 ONE, which will hold the remaining 49% stake. We are very pleased to partner with like-minded institutions with strong alignment towards value creation. Post completion of acquisition, we will rebrand the asset as One Radial by Mindspace REIT. Now let's come to Commerzone Pallikaranai. It is located approximately 10 minutes away from ITPC along the PTR corridor, like I mentioned. Together, ITPC and Commerzone provide meaningful institutional grade supply in the micro market over the next two years. Commerzone comprises three blocks, 1.4 million sq ft of completed office stock and 1.2 million sq ft of under construction. Block 2 was completed in 2023. Block 3 was recently completed in November 2025, with Block 1 set to be completed by March 2027. The phased development profile again aligns well with our leasing strategy going forward. Commercial occupancy currently stands at 83% for Block 2. Block 3, which was recently completed in November 2025, is already 58% let. We are confident of leasing the balance phase in both these blocks over the next 6-9 months. Block 2 is predominantly leased to Shell and accounts for 57% of the lease quotient in the campus. This deal also stands out as one of the largest real estate transactions in Chennai in the recent years. Other marquee occupiers include American Megatrends and a Big Four consulting major, amongst others. The in-place rent on this property is INR 63 per sq ft per month. Again, with healthy rent traction in the micro-market, with deals being quoted at INR 85 per sq ft per month, there is ample room for mark-to-market increase. We are acquiring the assets for INR 2,045 crores at a 3.4% discount to the average of two independent valuations. The acquisition is expected to deliver NOI growth of 10.2% on FY 2026 pro forma basis. The deal is NAV accretive, delivering an estimated uplift of INR 2.2 per unit, enhancing overall unitholder value. Further, we've negotiated an income support of INR 49 crores with the sellers, till rent commences fully for both the buildings. Which means both these buildings are generating income for full FY 2027. As a result, the deal is accretive from year one. Now let's talk a little bit about the location of these assets. The Pallavaram-Thoraipakkam Road or PTR is also commonly called as the Radial Road. It's the widest road of Chennai, 200 feet. The road connects two growth corridors, OMR and GST Road, forming a critical east-west connectivity link to the entire city. It offers excellent connectivity to the OMR IT corridor, as well as Chennai international and domestic airports. Both assets are located approximately 15 -20 minutes away from each other. Metro corridor five, which is scheduled for completion next financial year, runs through the PTR corridor. The metro is in close proximity to the assets, further enhancing connection. Talking about connectivity to social infra, there are a number of hotels like The Westin and Four Points in Velachery, airport hotels like Hilton, Trident and Radisson at Guindy, numerous residential properties around the catchment, leading national developers like Sobha, Prestige, DLF, all are developing residential projects around these parts. There's also a lot of expat housing in ECR, senior executive housing in Adyar, Taramani, Thiruvanmiyur, all residential areas of note. Let's talk a little bit about the Chennai market. Chennai is one of the strongest performing well-diversified markets. There's a lot of demand coming from technology, BFSI, manufacturing, engineering, R&D, and other sectors. It's been a major beneficiary of some of the infra challenges Bangalore has been facing. Chennai as a whole has a vacancy of only 7% versus the country average rate of 15%. One interesting aspect we noticed was Chennai's net absorption has accelerated in the recent years with an average of 5.7 million sq ft between 2023 and 2025, versus two and a half million sq ft on an average between 2016 and 2022. This makes Chennai one of the fastest-growing markets today in India. Having announced that with these acquisitions of these assets, we rank in top two amongst Chennai's largest office asset owners. Now let's talk a little bit about the micro-markets of the ECR market. OMR Zone 1 is expected to see no new Grade A institutional supply till 2028. This will definitely create a near-term supply vacuum. This has redirected the OMR 1 occupier demand towards the ECR corridor, which suddenly has started clocking 2 million sq ft on net absorption, which was seen in 2025. This is being driven by a maturing ecosystem and available high-quality institutional assets on this corridor. Over the next two years, the supply of immediately leasable institutional-grade supply at ECR is highly constrained, largely limited to ITPC and Commerzone Pallikaranai, the two assets we just acquired. The other upcoming supply from institutional developers in the area is largely pre-let, tightening availability and highlights the scarcity value of space in ITPC and Commerzone. ECR again offers comparable asset quality, but at competitive rentals of INR 85-INR 90 per sq ft, versus INR 120-INR 140 per sq ft in OMR Zone 1. This creates a clear and sustainable pricing advantage for ECR, particularly for institutional landlords. Rentals around ECR have grown at a CAGR of around 8.6% between 2021 and 2025, making it the fastest appreciating office submarket in Chennai and one of the fastest in the country. Let's look at the financial and portfolio impact. The twin acquisitions are being completed at a total gross acquisition price of INR 5,540 crores, which is at a 2.6% discount to the independent valuation. 51% stake of ITPC at INR 1.30 crore with a total value of the deal being INR 3,000 crore at 2% discount to independent valuation. The implied NOI yield on this asset is 7.7% on a stabilized basis. In Commerzone Pallikaranai in Block 2 and 3, the completed assets have estimated yields of 7.3% and 7.7% respectively. Shell leased the space in Block 2 during the COVID period and is significantly under-rented compared to today's market rates. There is an intrinsic value due to embedded mark-to-market potential. Block 1, upon completion, generates an estimated yield of 9.1% on a stabilized basis. Once all the blocks are stabilized, the yield on the mature assets is estimated at 8.3%. On a pro forma basis, both the transactions on a stabilized basis lift NOI by 15% over FY 2026 number. Portfolio gross asset value moves from INR 441 billion to INR 483 billion. Post-acquisition, the Mindspace REIT portfolio expands to 44.2 million sq ft, one of the largest in the world. Portfolio LTV goes 30.3% from 25.6%, based on GAV of REIT as of September 2025. Please note that this will undergo a change once the GAV is updated by the valuer for March 2025. To conclude, these acquisitions reinforce our conviction in Chennai's high-growth ECR corridor, India's most resilient commercial market with the lowest vacancy among top six metro cities. With ITPC and Commerzone Pallikaranai, we become the second-largest player in Chennai with a 6.3 million sq ft footprint, growing our Chennai exposure from 3% - 14% of our portfolio. These assets enhance our income quality, offering compelling rental reletting potential, and position us to capture the spillover demand from OMR Phase I. With rising global demand for high-quality, sustainable office space, Mindspace REIT remains uniquely positioned for the future. We look forward to delivering many more milestones together, and we stay committed to our mantra of building large workspaces while maximizing unitholder value. Thank you all. Thank you so much. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may click on the raise hand icon from the participants tab on your screen. We'll wait for a few minutes until the question queue assembles. We'll take our first question from Girish Choudhary of Avendus Spark. Girish, please unmute your microphone. Please go ahead. Yeah, hi, good evening. Thanks for the opportunity and congratulations on the transactions. Two large transactions within a span of two weeks is a strong statement of the Chennai market. My first question is, across both these assets, we see that you have a meaningful vacancy to fill, right? Where your committed occupancy in ITPC is around 28%, and also in the Commerzone, you have a bit of vacancy to fill up, right? How should we look at stabilization rate from a timelines point of view? What's the pipeline? That's my first question. Great question, Girish. This is something we've been really studying over the last three-four months, and that's the reason we decided to buy these two assets. The biggest competitor for Thoraipakkam-Pallavaram Road is the OMR Phase I. OMR is divided into three zones. The interesting aspect of OMR Phase I is there's a branded developer today who's quoting INR 150, willing to do a deal at INR 130-INR 135. This supply is going to come again only around 2028. Secondly, there is another branded developer who is quoting INR 130 in that market, but that's not even off the ground. That's going to take something like three years to come into the market. There are two-three other buildings which have touched INR 110-INR 120, some very nice buildings on OMR Phase I. Again, all these buildings are 97%-98% full. These are older parks, but getting that kind of rent. When we really looked at in a market like Chennai, which is already seeing a 5.5 million-6 million sq ft annual net demand, which is expected to grow, and you look at other competing corridors like the Madhapur Mindspace, where we have a Mindspace Madhapur, where vacancy levels are 1%. We feel Chennai PTR would not only see spillover demand from OMR One, existing demand, like I said, 2 million-2.5 million sq ft of demand just last year in the market, plus spillover coming from markets like Hyderabad. What we've seen with companies is when companies decide to grow, they have to grow. Just because a corridor or a city doesn't offer space, they'll not stop going to grow. They will go to the city, they will go to the micro-market where there is space available. A lot of time was spent studying, Girish, every single building in this micro-market. We looked at what is the institutional supply. All of you know that all the IPCs typically would recommend only institutional supply to the landlords. We studied all that. There is some supply coming of INR 3 lakh, INR 4 lakh, INR 2 lakh kind of supply coming in this corridor, but meaningfully, they wouldn't compete with institutional-grade supply. The other institutional supply which is available on this road is more or less done, again, by a good institutional breed which again, shows that there is a headroom for demand in this park. Very, very deep analysis we have done. Maybe from your question is basically one month of preparation. Okay. Great. In terms of, let's say, the converting the pipeline, my thing is that we just wanted to assess from now to stabilization phase, how should we look at the timelines? Because you said NOI accretion of 15%, so by when can this be achieved? The thing is, in Pallikaranai, we have around INR 4 lakh sq ft of ready phase, which is vacant. In CapitaLand, we have around one million sq ft, which is vacant. We are confident this approximately 1.4 million sq ft will get leased definitely in this financial year. Like I said, we just need to capture 1.5 million sq ft demand from a six million sq ft market with absolutely no institutional supply coming in the next one and a half years. The timeline for filling up both these towers or completed buildings is less than a year. Great. In terms of DPU accretion or let's say, how should we see in the very near to medium term? Because the overall stabilization phase might take 1-2 years, right? How should we look at DPU in the near to medium term? I think the way you should look at it is in the next 12 months-18 months, as Ramesh said, we will fill up these spaces. There will be a marginal dilution. In the overall scheme of this, on the larger portfolio level, I don't think it is of any material consequence. As again, Ramesh said, in 18 months, once we fill up these spaces, then obviously you'll start generating rent from there. You should not have any dilution on the DPU. I think what is critical is that these are assets which will, because you have some which are leased, you have one building under construction. From an IRR perspective, actually it will help us de-risk both our returns as well as the NOI growth going forward. That's how we will look at it. A small yield dilution in the interim period, I don't think will matter. It's going to be very negligible in the overall scheme of things. Great. That's clear. Just one last question on the ITPC structure of 51/49 with 360 ONE. In terms of, do you have anything to share on the control or leasing and rent realizations? Also anything on the exit? Because ultimately they are AIF, right? Any pre-agreed valuations or how should we look on that? The entire property management will continue to be with the Manager, as is the case with all the other REIT assets. Nothing changes for us. Everything remains the same. As far as the exit goes, of course, there are mechanisms, they are a fund, they will have a fund life to meet. When we reach that point in time, in fact, we see this as an opportunity for Mindspace REIT to get to 100% when they exit. In fact, we look at this as an opportunity more than anything else. Otherwise, the management and everything is, in terms of the assets. Great. Thank you and all the very best. Thank you. We'll take our next question from the line of Yashas Gilganchi of BOB Capital Markets Limited. Please go ahead with your question. Hello, team. Congratulations on the acquisitions, and thank you for taking my questions. Just want to understand a little bit more, I'm taking up from where Girish left off. Knowing that the two properties that were Content Block 2 and ITPC Tower 2 are delivered in 2025, committed occupancy within these assets are at 58% and 20% respectively. Is it right to assume that these are speculative acquisitions? Further to this, despite the general robust leasing that we're observing across general, the pickup in occupancy in these two properties seems suboptimal. Why do you think that is, and what is likely to change in these markets? I know you spoke about the constrained supply, but I think, if I'm not wrong, the constrained supply has existed for the past two-three years. Okay, Yashas. When we look at acquisitions, obviously, there are multiple risks involved. This is completed assets, except one block which is under construction in Pallikaranai, which is getting ready in the first quarter of next year, calendar quarter. From a quality risk point of view, it's taken care of. Because actually, these assets, we spend like a month of doing due diligence on the structural aspects and everything else, like technical building. There's no legal risk. These are institutional sellers for both these assets, which means there is no financial risk involved. From a tenancy risk point of view, what you just mentioned, we've been studying the Chennai market over the last three months, and we've been acquiring in the due diligence to acquire the assets. There's a very decent kind of demand. I was just looking at the RFPs in the market. There's a banking RFP at 300,000 sq ft. There's an IT services RFP at 250,000 sq ft. Another IT services RFP at 350,000 sq ft. There's three domestic corporations who have demand between 250,000 sq ft-400,000 sq ft. Another global IT major who's looking for 350,000 sq ft. A Japanese GCC who is looking for 50,000 sq ft. An Indian IT services company was looking for 150,000 sq ft. A list of like 25 clients who are in the market. Not everyone is going to come to us. Some of them may feel this is a little too expensive. Some of them may won't like this location. There are 25 clients who have a demand of more than 75,000 sq ft in the market who are in close to deal. From that point of view, I think this is definitely not speculative. In our internal workings, in our internal calculations, we have based the absorption assumptions in our underwriting over a 12-18-month period. There's enough headway there. Understood. That's really helpful. Is it safe to assume that Sycamore Block 1, that's expected to be delivered in late FY 2027, there's going to be maybe a higher pre-leasing commitment by the time that the property becomes operational? Yashas, Chennai is a market where it's not a very pre-leasing kind of a market like Hyderabad, Bangalore, Pune, where you see a lot of pre-leasing, even one year, two years before completion. In Chennai, typically, you start seeing inquiries around six months before completion, and the closures start around three months before completion, that kind of a market. I've been studying that market for the last 25 years. I think with the established campus, actually, some of our existing tenants have already showed interest, "Can you give us some space in the third tower?" That's definitely not a worry. Understood. Just one last question from me. What are the average lease expiries for Tower 1 and 2 in the ITPC assets? Exact numbers, I'll just check and tell you, but typically, most of the leases are between 10 and 12 years. The standard lease contracts of five plus five or three plus three plus three. ITPC is around 10 years on an average, with a WALE of 10 years, those of 10 years. Pallikaranai, the WALE is approximately 10. I'll just check that. Because these are newer assets, do you think they've just happened? Actually, you have a longer lease than this? Whatever you see is for the last one-two years. Understood. I was just trying to get a sense of the market opportunity. Okay. Thanks. Thank you, team, for taking my questions. Thank you. Thanks. Thank you. We'll take our next question from Karan Khanna of Ambit Capital. Please unmute your microphone. Yeah. Hi, am I audible? Yes, Karan, please go ahead. Thanks for the opportunity, and congratulations team on these acquisitions. Just two questions from my side. Firstly, Ramesh, of the 9.1 million sq ft worth of acquisitions since listing, most acquisitions have been closed in the past six months. Can you talk a bit about the overall acquisition landscape a little bit, and what has changed, in the sense that six months you've seen so many acquisitions, third-party, and also sponsor acquisition, and more importantly, going forward, how you're looking at the landscape? Not exactly in the last six months. I would say it's been in the last one and a half, two years. Currently we've seen how the markets have changed. Recently, I was doing an analysis of the last 20 years office acquisitions, office demand in the country. The first 15 years, the average demand was around 30 million sq ft on an annual basis. Now that's become 48 million sq ft. We've seen big changes in the office market. We've seen whatever is happening on the GCC story over the last few years. I think a lot more products are also coming into the market. During COVID years, obviously, transaction volumes, both from a leasing point of view as well as a investment sales point of view, has come down. I think it's a good mix of good dynamics in the market. Like today, someone like CapitaLand is one of the most well-known institutional names in the country, selling an asset. It's also because of capital availability. It's also because our confidence levels in some of these markets have gone up. It's a good mix. Some of the Sponsor acquisitions which the Sponsor started developing back in 2021-2022, getting leased and coming into the market. It's a mix of a lot of factors, and today you can at least, during COVID time, you couldn't predict, right, what's going to happen tomorrow. Today you can say that even if the market goes here and there, you'll get 10%-15% drop or a 15%-20% increase. I think it's a lot more surety, a lot more predictability, and a lot more active dynamics and acquirers in the market. I think for this asset, there were 12-13 bidders for the CapitaLand asset, which also shows that there's a lot of interest in Indian office as a global investment story. Sure. Just to add to what Ramesh said, if you look at each of these acquisitions which have happened in the last 18-24 months, each of them have been done with a strategy in mind. For example, the Mumbai assets have been on CBD front office assets. That increases our CBD footprint in our key financial capital of India. If you look at our Hyderabad acquisition, one in Madhapur, one of the most sought-after markets, and the other one was in Financial District. It's the next market to go to, and that was an actual value buy, which we did at a very good price. That was our strategy behind acquiring the Hyderabad assets. Chennai already Ramesh has spoken of. All these acquisitions that we've done across different geographies have been done keeping an investment philosophy in mind. Preeti, other points. Currently, we've also done not just core. We have done core plus, we have done value-added, like in Chennai, now the last hub. That's a good example of value-add. Hyderabad, Q-City acquisition, that's again a core plus where there's a value-add plus a core plus, where there's an opportunity for an upgrade, there's an alternate usage potential. We're looking at all that. From some of the landlords which we have picked up, within our parks, landlords not kind of wanting to hold on to their assets in our park, giving it to us. It's a good mix of both organic and inorganic acquisition. The thing which I mentioned in my speech, which Preeti also spoke about now, is we have done acquisitions in all cities. It's not just one city or one corridor. In the cities where we have a presence, we are getting stronger and stronger. Chennai was the only city where we were not as strong as compared to the other three cities. With these acquisitions, like I mentioned, we've become amongst the top two developer-owners of office assets of the city. Sure. That's helpful, Ramesh. Just to follow up on this, given that now with these acquisitions, your loan-to-value is nearing 30%, which historically has been the upper end of the cap that you've been comfortable with. Going forward, going into FY 2027, how are you now thinking about growth? Will it continue to be a mix of organic and inorganic acquisitions, or will leasing up the entire vacant area across your portfolio assets, will that also be a revenue driver going into FY 2027? Yeah. Let me answer that. You're right. Now it has gone to 30%, but I think we need to bear in mind that your existing portfolio as well as this portfolio, the value of these portfolios is also increasing. As we're leasing them up, we're leasing them at higher rentals. We are doing more and more organic growth within the portfolio, whether be it fit-out, be the plus funds, whether you're doing new buildings or you're completing the existing buildings. As each of these enhance the value of the portfolio, while the 30% is the number which you see today, but as the value of the portfolio grows, this is not going to be a sustainable static 30 number which you see. That's number one. Second, I don't think this is going to come in way of our growth, that we are very clear when we have the right opportunity to grow. Capital is not something which is going to constrain our growth. Third, yes, 30%-35% is not the upper base in the LTV. At an appropriate time, if we feel that there are more growth opportunities coming, then we're open to coming and raising capital. We are not in any rush to raise capital, but if there are opportunities in FY 2027 for us to further enhance and do the right kind of acquisitions, then we will come back to the market and raise more money. Sure. And my last question specifically on the ITPC acquisition, if I look at slide number 14, this is your assessment. By when do you expect PTR to bridge the rental gap versus OMR? So OMR is currently at one hundred and thirty, one hundred and forty. By when do you estimate that number for PTR as well? I don't think it'll go to the INR 130, INR 140 number anytime soon. That's the opportunity for us, which is the gap between INR 85 and INR 130. It takes time. I remember doing a deal in that INR 130 market at INR 21.10, many years back, when clients were trying to pay INR 21. Some of these things, like in Hyderabad, we were just checking. 13 months back in Hyderabad, our rentals, we were doing deals at INR 77. Today, exactly in the same market, we're doing deals at INR 105-INR 110. There can be quick jumps and shifts like this, but it's not going to touch INR 130. That's the potential we have there. Great. Thank you, Ramesh and Preeti, and all the best. Thank you. Thank you so much. We'll take our next question from Pritesh Sheth of Axis Capital. Pritesh, please unmute your microphone. Yeah. I hope I'm audible. Yes, please. Yeah. Okay. Yeah. Thanks for the opportunity and congrats on the two acquisitions. Firstly, on the DPU acquisition, given that we have income support for Pallikaranai acquisition, that doesn't seem to have DPU dilution. Right? Probably ITPC will still have a dilution for a temporary or near-term period until those assets are stabilized. Is that understanding right? Yeah, that's more or less correct, Pritesh. Sure. In terms of the INR 240 crore of stabilized NOI for ITPC, what is the valuation assumption in terms of by what time we'll be there and what is our internal assessment about reaching that INR 240 crore NOI in terms of timelines? Pritesh, in terms of the absorption like Ramesh spoke of, between the two parks is about 1.5 million sq ft. We're looking at about 12-18 months, rather, to fill this space. I think closer towards maybe Q2 of FY 2028 is when you will see ITPC generating rent fully from that product. You will see this INR 240 crore number. Sure. Got it. In terms of completion timelines of both these acquisitions, when it would be and how would the accounting for ITPC work? Will we consolidate line by line and then exclude the minority share, post the NDCF, or how should we think about it? Yeah. On your first part of the question, we are hoping in the next three to four months we should close both the transactions. As far as accounting goes, yes, it will be a line-by-line consolidation because the control is with us. Yeah, that's how. Sure. Got it. Just lastly, on the balance leasing, as per our assumption, are we taking into consideration INR 85 as the rentals or we are lower or we are building in growth on those rentals when we are assuming steady state NOI and the yield on that? Typically, Pritesh, how the leasing market works is, you do couple of deals at, let's say, INR 85-INR 87. You slowly keep pushing up the rentals for every other deal. Sometimes a large client, good, high-grade credit client will come and say, "Okay, I'll take it, but INR 87." There is an opportunity to easily take these rentals up. Like I said, all these deals we are talking through, whatever those 25 deals which are there in the market currently, not everything is going to come to us. A clear message is going to all of them that the rentals right now at this time are going to be more than INR 85. Got it. Fair enough. Those were my questions. Thank you and all the best. Thank you. Thanks, Pritesh. Thank you. We'll take our next question from the line of Parvez Qazi of Nuvama Group. Please go ahead. Thanks for taking my question. In terms of both these acquisitions, there will obviously be incremental debt that we will need to take. In terms of the cost of debt, et cetera, what are our expectations? Has there been any hardening of rates, et cetera, over the last 3-6 months, particularly in light of the recent geopolitical issues? Thank you. Yeah. As far as Commerzone Pallikaranai goes, we don't need anything because that's happening through swap. As far as ITPC Radial Road goes, we will be doing a debt raise. You're right that because of the war, the yields have gone up. What we intend to do is at least go for short-term funding because we don't want to lock ourselves at these rates for the long term. We will do a short-term funding for the time being to fund the acquisition. Once markets stabilize and we see that the rates are right for us to lock in for longer period, that's when we will move from short term to long. That's the plan. Sure. Thanks and all the best. Thank you. Thanks, Parvez. Thank you. We'll take the next question from Kunal Lakhan of CLSA. Kunal, please unmute. Hi. Thanks for taking my question. Just firstly on ITPC, Tower B, the average lease is about INR 75. Can you give us some color on the last lease that was signed, in terms of when was it signed and what rent it was signed at? They have already signed a lease at INR 85. This is in the last few months? In the last 45 days. Okay, perfect. My second question is actually a follow-up of the earlier question. In terms of the debt financing, right, if you can give some color on what is the current interest cost on ITPC, the INR 1,000 crores that they have currently? The current cost on ITPC is around 7.8%. The one tower fully leased is at an LRD rate of 7.4%. The other tower, since it's not yet fully let, there is room to refinance that loan to a lower rate of around 7%, what the prevailing market is. It is at 8.4% currently. There is an opportunity to refinance that as we lease up the second tower. Sure. Once we're done with the acquisition, do we expect these LRD rates to go below 7% or 7.4%, or it should remain at these levels? No. In fact, today if you see, your variable cost is much cheaper than your fixed cost. Today you are actually able to get LRDs at 7.25% or even some 7.25%. 7%-7.25% is for your PM of course, is where you are seeing the debt. In fact, today if you see, it is much better to do a variable cost refinancing of it. That's why I was saying that we may either do a variable cost or we do a short-term funding and then let the market stabilize before we go in and lock in ourselves for long term. Sure. Say 12 months-18 months out when you fully lease these assets, one can expect, firstly your existing debt to be at around, say 7.25%, and then the new fund that you'll be raising for the acquisition should be around the same. Would that be a fair assumption? Yeah. I would say, I mean, I don't know how the fixed cost debts will behave six months, seven months down the line because it will all depend on how the geopolitical span. I can say that, okay, at least before the war we have been doing our debt between 7.25%-7.30% which is a fixed cost debt. I don't know how soon can we get to those levels, but I think it'll be fair, not for the next three months, but if everything gets back to normal and the war settles, then I think we should go back to where we were before. May not be in a rush, but I believe towards the latter half of the next financial year, if things settle, then we should get back to those levels. But I mean, to answer your question, I think seven half should be a good range for us to work with. Understood. My last question was, Ramesh, in your opening comments you mentioned that this could be DPU marginally dilutive in the near term, but it's accretive on the IRR basis. If you can give some color on what is the IRR expectation or projection that you have done on this acquisition? If I may just comment. Any of these acquisitions, whenever we are doing each acquisition, let me actually answer it in, not just specific to these assets but generally the philosophy that we have followed. If the assets are fully completed or leased out or maybe almost close for us to lease out, then we've ensured that mid-teens is what we are solving for and if we have under construction, then high-teens is what we have been solving for. Those are the ranges that we solve for any of the acquisitions. Be it these or any ones. Plus, sometimes we've been very pleasantly surprised also like in Hyderabad, the Building 8 which is just coming up. We had underwritten rentals of INR 82 for that building. The current enquiries and meetings which are happening there, it's INR 120. Again, the IRR calculation what we had, I think 14%, it's massively done by maybe what, 64% extra. Like Preeti said, when you're looking at these kind of acquisitions, something around that minimum of 14%, 13.5% is what we look at as a minimum level. There are also, like I said, the value-add strategy in Hyderabad where we picked up at a cap rate of 9.9%. Obviously the IRRs are higher. For core kind of things, the market is competitive. You need to look at it differently. If you look at our track record over the last six years, you look at any of the assets in the portfolio. This is what we had taken when we did our IPO and where we are landing up with each of the assets. There's so much of value add which has happened in every single asset of ours, even from the premium per sq ft. I remember at the time of IPO we were at 29 million sq ft. We actually added 6 million organically, which was not even valued at the time of IPO. That is whether through redevelopments or finding potential areas of development within the assets, converting some spaces to our experience centers and so on, so forth. There's constant value addition which is happening in these portfolios, and that goes without saying for even the new acquisitions which we do. That's how we have been creating value within the existing portfolio, and that's how we continue to make it with the new acquisitions that we do. A lot of upgrades, lot of investments in making sure on asset management, how do we enhance it? How do we increase F&B, changing the lobby? A lot of things goes background to create even for a core product, how do we make it more of a value addition? Sure. Understood. Just clarifying one thing. Irrespective of whether its acquisition is based on income support or without income support, the IRRs would be in the mid-teens range minimum. Yeah, that's what we hope for. Sure. Understood. Thank you so much, and all the best. Yeah. Thank you so much. A little reminder for all participants who wish to ask a question, they may click on the raise hand icon from the participant tab on their screen. We have a follow-up question coming in from Girish Choudhary of Avendus Spark. Girish, please go ahead. Yeah. Hi, thanks for the follow-up. Just one question. On the income support, right now it assumes 100% occupancy and from a timeline point of view, across both the assets, it's running for less than 12 months now. Within that, if I look at Block 3 has 42% vacancies, right? What I'm trying to understand is that as and when the support rolls off or the transition between the income support to actual occupancy, how confident are you with the NOI trajectory remaining unaffected? From a market point of view, that's only INR 3 lakhs worth. INR 3.5 lakh per sq ft. Sometimes that can be done in one deal, sometimes it can be done in four-five deals. It's not too much of a worry, I would say. Girish, I would say, firstly, broadly it should cover. Even if it doesn't, it'll be such a meager amount of difference that I don't think it'll really tip the or such a small amount. We've tried to cover as much as we can, and we're confident it should. Even if it remains, it'll be extremely negligible. Yeah. The support falls off at the end of the financial year. For one building it will be September, the other building in March. I think that's a fairly adequate time for us to fill up the space ourselves. Got it. Fair enough. Thank you. I was saying, Girish, you should remember this because there are three buildings. There are multiple size units which is available, multiple timing which is available. If someone wants INR 1 lakh now and INR 1 lakh next year, they can also do that. All those combinations we can think of. Noted. Thank you. Thank you so much. Ladies and gentlemen, anyone who wishes to ask a question, they may click on the raise hand icon from the participants tab. Thank you so much. As there are no further questions, on behalf of Mindspace Business Parks REIT, that concludes today's conference call. Thank you everyone for joining us, and you can now click on the leave icon to exit the meeting. Thank you for your participation.