Latest News | Mindspace REIT Buys 8.1 Lakh Sq Ft Office Complex in Hyderabad for Rs 512 Cr

New Delhi, Jul 24 (PTI) Mindspace Business Parks REIT has acquired an office complex, covering 8 lakh square feet area, in Hyderabad for Rs 512 crore to expand its portfolio.

In a regulatory filing on Thursday, the company informed that it has acquired 100 per cent equity shareholding in Mack Soft Tech Pvt Ltd, which owns 'Q-City', a 0.81 million square feet commercial asset in Hyderabad's financial district.

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The deal size is Rs 512 crore.

Ramesh Nair, CEO and MD of Mindspace Business Parks REIT, said the company has closed its first large external acquisition.

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"The campus, located in the Financial District, further strengthens our foothold in Hyderabad. The market is India's hottest Global Capability Center (GCC) hub, now home to more than 350 global capability centres and the nation's fastest-growing tech and BFSI talent base," he said.

Nair noted that the company has acquired this property at a 11.6 per cent discount to an independent valuation.

"An attractive 9.9 per cent cap rate demonstrates our disciplined capital deployment and commitment to long-term value for unitholders. This is how we grow -- strategically, selectively, and with conviction," Nair said.

After this acquisition, Mindspace Business Parks REIT portfolio size would rise to 37.9 million square feet, of which 30.8 million square feet area is completed, 3.7 million square feet area is under construction and 3.4 million square feet is for future development.

The company has a strong presence in Mumbai Region, Pune, Hyderabad, and Chennai. The portfolio consists of five integrated business parks and seven independent office assets.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)