Top

Mindspace Business Parks REIT acquires 1. 82 million sq ft office space in Commerzone in Raidurg for Rs 2,038 crore

Hyderabad: In a significant real estate transaction in Hyderabad, office space player Mindspace Business Parks REIT announced acquisition of 100 per cent equity shareholding in Sustain Properties, holding about 1.82 million sq ft (msf) at Commerzone Raidurg, a Grade-A commercial asset located in Madhapur micro-market. The acquisition price is Rs 2,038 crore.


A REIT is a trust that owns a pool of income-generating commercial real estate assets, such as office parks and shopping malls, held in a special purpose vehicle (SPV). It generates revenue by leasing out these properties and collecting rent from tenants.

“The acquisition of Commerzone Raidurg is a milestone for Mindspace REIT. Located in Hyderabad’s prime central business district, this Grade-A+, fully leased asset enhances our portfolio and boosts income stability. With a marquee tenant, it reinforces our position in India’s commercial real estate sector and reflects our focus on investments in income-generating assets,” said Ramesh Nair, chief executive officer of Mindspace REIT.

The leasable area is about.1.82msf. It is a fully leased asset ensuring stable income for the REIT. It is occupied by Qualcomm, a marquee Fortune 500 company. The acquisition strengthens Mindspace REIT’s presence in Hyderabad,taking its portfolio size to 15 msf. The rentals are Rs 69 per sq ft per month.

It will add about Rs 167 crore to FY25 net operating income (NOI) on a proforma basis. NOI is a measure of how much income a property is expected to generate in the future taking into account anticipated occupancy rates, rental prices, and operating costs.


( Source : Deccan Chronicle )
Next Story