Mindspace REIT Acquires Commercial Area in Hyderabad for Rs 613 Crore

Mindspace Business Parks REIT agreed to acquire 18.2 lakh square feet of commercial space in Hyderabad for Rs 613 crore. The acquisition involves the complete purchase of Sustain Properties. The transaction will expand Mindspace's portfolio, further solidifying its position in Indian commercial real estate.

In a strategic move to bolster its commercial portfolio, Mindspace Business Parks REIT has successfully acquired 18.2 lakh square feet of leasable area in Hyderabad for Rs 613 crore. The acquisition marks a significant expansion for the realty firm in India's 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 announced the issuance of over 16 million units to Sustain's shareholders, priced at Rs 379.08 per unit. The REIT, backed by K Raheja Corp group and listed since 2020, reported an 8% increase in net operating income for the December 2024 quarter, distributing Rs 5.32 per unit to its shareholders.

(With inputs from agencies.)