Acquired an office complex for Rs 2,038 crore
Prominent real estate company Mindspace REIT (Real Estate Investment Trust) has made a major deal in Hyderabad. It has acquired Commerzone Raidurg, a Grade-A commercial property located in the Madhapur micro-market. Mindspace Business Parks REIT has announced in a regulatory filing on January 29 that it has purchased Sustain Properties, which includes 1.82 million square feet of commercial space in Hyderabad, for an enterprise value of Rs 2,038 crore. Mindspace REIT will acquire 100% equity in Sustain Properties Private Limited for an equity value of Rs 613 crore. Units in Mindspace REIT will be allocated to Sustain Properties’ shareholders. The deal is expected to close by the end of March.
This acquisition will enhance Mindspace REIT’s growth strategy, portfolio scale, income stability, and unit holder returns. With this transaction, the company’s portfolio size has now reached 15 million square feet. The company charges Rs 69 per square foot in monthly office rent at the property.
“Acquiring Commerzone Raidurg is a key milestone in Mindspace REIT’s commitment to delivering value and growth to unit holders. This property not only enhances our portfolio but also increases income stability. It aligns with our growth strategy and strengthens our leadership position in India’s commercial real estate sector,” said Ramesh Nair, CEO of Mindspace REIT.
