Mindspace REIT acquires commercial property in Hyderabad for Rs.2,038-Cr

Mumbai-based Mindspace Business Parks REIT is to acquire Commerzone Raidurg, a commercial property in Hyderabad for INR 2,038 crore. As part of this acquisition the 100% stake of Sustain Properties Private Limited will be purchased.This acquisition is part of Mindspace REIT’s growth strategy and will strengthen its presence in Hyderabad. This acquisition will increase Mindspace REIT’s portfolio size from 34.8 million square feet to 36.6 million square feet. The property is fully leased to Qualcomm for approximately 12 years.Mindspace REIT will issue up to 16.17 million units at ?379.08 per unit through a preferential issue in order to partially fund the acquisition.