Hyderabad: Mindspace Business Parks REIT, owner and developer of Grade A office portfolio located in four key office markets of India, announced the acquisition of 100% equity shareholding in Mack Soft Tech Private Limited (“MSTPL”), holding ‘Q-City’, a c. 0.81 million square feet commercial asset in Hyderabad’s Financial District. This marks the REITs’ entry into Hyderabad’s Financial District, with the transaction valued at c. INR 512 Crores. This strategic acquisition is Mindspace REITs’ 1st third party asset addition, outside its Portfolio Parks and reinforces its commitment to long-term growth and value creation for unitholders.
The transaction has been undertaken through Horizonview Properties Private Limited, an Asset SPV of Mindspace REIT. The asset shall be rebranded as ‘The Square, 110 Financial District’ (2).
The deal strengthens Mindspace REIT’s Hyderabad presence to over 16 million square feet, in aggregate. Hyderabad is one of India’s most coveted commercial markets, characterized by high GCC demand, minimal institutional-grade vacancy, and strong tenant preference. With this acquisition, Mindspace REIT enters Financial District, a promising office market of Hyderabad with strong medium to long term potential.
Speaking on the acquisition, Ramesh Nair, CEO and MD of Mindspace Business Parks REIT said, “We have just closed our first large external acquisition, a decisive milestone in Mindspace REIT’s growth journey. The campus, located in the Financial District, further strengthens our foothold in Hyderabad. The market is India’s hottest GCC hub, now home to more than 350 global capability centres and the nation’s fastest-growing tech and BFSI talent base. It also deepens our presence in a core city we know well.
With institutional-quality supply extremely tight and virtually no major investment-grade assets on the market, the timing is ideal. As Madhapur and HITEC City approach capacity, global occupiers are migrating westward in the city, and our acquisition positions us to capture this demand.
Securing the property at a 11.6% discount to an independent valuation and an attractive c. 9.9 percent 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.”
