New Delhi, Sep 25 (PTI) Mindspace Business Parks REIT will develop data centres for Princeton Digital Group in Navi Mumbai comprising 1 million square feet area.

In a statement, Mindspace REIT on Wednesday said it has entered into a strategic partnership with Princeton Digital Group (PDG) to develop the latter's flagship and largest data center campus in India.

The data centre will be developed at Mindspace Airoli West project in Navi Mumbai.

Under this new agreement, Mindspace REIT will develop three additional built-to-suit data centers, adding a further 1 million square feet to its portfolio.

The REIT has already developed 2 data centers for PDG, measuring around 0.63 million square feet.

Upon completion, the business park will feature 5 data center buildings.

The total data center footprint within the Mindspace REIT portfolio will stand at around 1.65 million square feet.

This landmark development spanning around 15 acres will become a part of the larger 50-acre campus ecosystem of Mindspace Airoli West.

Ramesh Nair, CEO of Mindspace REIT, said, "This deal reinforces our commitment to diversifying our portfolio and tapping into high-growth sectors like data centers."

For Mindspace REIT, he said, integrating data centers into its portfolio makes strategic sense.

Data centres "offer stable and long-term revenue streams, future proof our portfolio, and help diversify income sources", Nair said.

With a focus on sustainability, Mindspace REIT will provide PDG with a full-range of turnkey services, including power infrastructure, tailored to meet sustainability goals.

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, was listed on the Indian bourses in August 2020.

It owns quality office portfolios in Mumbai Region, Pune, Hyderabad, and Chennai.

The portfolio has a total leasable area of 33.6 million square feet comprising 26.3 million square feet of completed area, 4.4 million square feet of area under construction and 2.8 million square feet of future development.