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Mindspace REIT SPV sub-leases space at Mindspace, Airoli for data center development
09-Mar-21   14:50 Hrs IST
Gigaplex Estate (Gigaplex), one of the special purpose vehicles (SPV) of Mindspace REIT, has entered into an agreement to sub-lease with a leading data center operator to sub-lease approximately 0.63 million sq. ft. at Mindspace, Airoli West, Mumbai (Agreement).

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. Government's focus on “Digital India” and the ongoing Covid-19 pandemic have further catalysed the process of digitization.

To effect this, Gigaplex, pursuant to the approval of the Company's Board of Directors and the Manager's Governing Board, has amended the memorandum of understanding dated 16 December 2019, (MoU) entered into with K Raheja Corp (KRCPL), for proposed transfer of leasehold land admeasuring approximately 16.4 acres to KRCPL at Mindspace Airoli West, Mumbai, (Specified Land) in the manner set out in the MoU.

Consequent to the amendment, the area proposed to be transferred to KRCPL under the MOU stands reduced to c.5.7 acres. Gigaplex proposes to utilise c.7.4acres of the retained land for the purpose of development of the data center as per the Agreement. The balance land (excluding amenity space), contiguous to the existing development, shall be used for future office development or such other purpose as may be deemed appropriate for the overall development of Mindspace, Airoli West Park.

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