Mindspace Expands with Major Hyderabad Acquisition

Mindspace Business Parks REIT has acquired the Q-City office complex in Hyderabad for Rs 512 crore. This acquisition enhances its portfolio to 37.9 million square feet. The property was procured at an 11.6% discount, and a 9.9% cap rate highlights disciplined capital deployment, aiming for long-term value.

Mindspace Business Parks REIT has made a significant move by acquiring the Q-City office complex, spanning 8 lakh square feet, located in Hyderabad's bustling financial district.

This Rs 512 crore acquisition is not just a strategic expansion but also marks the company's first major external acquisition, according to CEO and MD Ramesh Nair.

Nair emphasized the acquisition's strategic importance, citing Hyderabad's status as an emerging hub for Global Capability Centers (GCC), housing over 350 such centers. The deal was closed at an 11.6% discount, and with a 9.9% cap rate, it reflects their commitment to disciplined investment and long-term value for stakeholders.

(With inputs from agencies.)