Mindspace REIT Expands in Hyderabad with Rs 613 Crore Acquisition
Mindspace Business Parks REIT has acquired a significant commercial area in Hyderabad, further solidifying its position in India's competitive real estate market.
Mindspace ReitHyderabadReal EstateCommercial PropertyAcquisitionReal Estate PuneJan 29, 2025
This acquisition marks a significant expansion for the real estate firm in India's highly competitive real estate sector.
The transaction involves the complete acquisition of equity in Sustain Properties Pvt Ltd, which owns the commercial space in Commerzone Raidurg, Hyderabad.
As part of the deal, Sustain Properties' shareholders will receive units in Mindspace REIT as compensation.
Mindspace REIT has announced the issuance of over 16 million units to Sustain's shareholders, priced at Rs 379.08 per unit.
This acquisition not only bolsters Mindspace's holdings but also underscores its commitment to growth and expansion in key markets.
Mindspace Business Parks REIT, backed by the K Raheja Corp group, has been listed since 2020.
The REIT has reported an 8% increase in net operating income for the December 2024 quarter and has distributed Rs 5.32 per unit to its shareholders.
The K Raheja Corp group, known for its diverse portfolio in real estate, has been instrumental in the growth and success of Mindspace REIT.
The group's vision and expertise in the real estate sector have enabled Mindspace to make strategic acquisitions and investments, further solidifying its position in the market.
Hyderabad, a key hub for IT and business services, offers significant opportunities for commercial real estate.
The acquisition of the Commerzone Raidurg property is expected to attract more tenants and enhance Mindspace's revenue streams.
The city's robust infrastructure, skilled workforce, and favorable business environment make it an attractive location for both national and international companies.
This acquisition is a testament to Mindspace's strategic approach to growth and its ability to identify and capitalize on key opportunities in the real estate market.
With this expansion, Mindspace is well-positioned to capitalize on the growing demand for commercial spaces in Hyderabad and other major cities.
In conclusion, the acquisition by Mindspace REIT of the 18.2 lakh square feet commercial area in Hyderabad for Rs 613 crore is a significant step forward.
It not only adds substantial value to the REIT's portfolio but also demonstrates its continued commitment to delivering strong returns to its investors.
Frequently Asked Questions
What is the size of the commercial area acquired by Mindspace REIT in Hyderabad?
Mindspace REIT has acquired 18.2 lakh square feet of leasable area in Hyderabad.
How much did Mindspace REIT pay for the acquisition in Hyderabad?
Mindspace REIT paid Rs 613 crore for the acquisition.
What company owns the commercial space in Commerzone Raidurg, Hyderabad?
The commercial space in Commerzone Raidurg, Hyderabad, is owned by Sustain Properties Pvt Ltd.
How many units will Sustain Properties' shareholders receive as compensation?
Sustain Properties' shareholders will receive over 16 million units in Mindspace REIT as compensation.
What is the price per unit issued to Sustain Properties' shareholders?
The units issued to Sustain Properties' shareholders are priced at Rs 379.08 per unit.
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