Mindspace REIT Acquires Hyd Office Campus Q-City for ₹512 cr
Mindspace REIT Acquires Hyd Office Campus Q-City for ₹512 cr

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Mindspace REIT Acquires Hyd Office Campus Q-City for ₹512 cr

Mumbai | Bengaluru: Mindspace Business Parks Real Estate Investment Trust (REIT) has acquired Q-City, a prime 810,000 sq ft office campus spread over 6 acres in Hyderabad's financial district for more than ₹512 crore.

The transaction marks the listed REIT's maiden third-party acquisition outside its existing portfolio parks and also its strategic entry into one of Hyderabad's fastest-growing commercial micro-markets. The K Raheja Corp-backed REIT purchased the asset by acquiring 100% equity in Mack Soft Tech, the owner of QCity. Mindspace REIT carried out the acquisition
tion via its asset special purpose vehicle Horizonview Properties.

Post the transaction, Q-City will be rebranded as 'The Square, 110 Financial District. The asset, which is currently 65% leased, is expected to benefit from Mindspace REIT's tenant network and asset enhancement capabilities to fill the remaining space.

"We have just closed our first large external acquisition, a decisive milestone in Mindspace REIT's growth journey," said Ramesh Nair, CEO & MD of Mindspace Business Parks REIT.

He said the acquisition will strengthen the company's foothold in Hyderabad. "The (Hyderabad financial district) market is India's hottest GCC hub...With institutional-quality supply extremely tight and virtually no major investment-grade assets on the market, the timing is ideal," he added.

Following the acquisition, Mindspace REIT's Hyderabad portfolio will grow to over 16 million sq ft, while its total portfolio will increase to 37.9 million sq ft from 37.1 million sq ft.

Source: The Economic Times

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