Mindspace Enterprise Parks REIT introduced right this moment the acquisition of Commerzone Raidurg, a Grade-A business property in Hyderabad’s Madhapur space, for ₹2,038 crore. The deal includes buying 100 per cent fairness shareholding in Maintain Properties Personal Restricted, which owns the 1.82 million sq. toes property.
The shares of Mindspace Enterprise Parks REIT Restricted had been buying and selling at ₹373.20, down by ₹0.87 or 0.23 per cent on the NSE right this moment at 12.25 pm.
The property is absolutely leased to Qualcomm, a Fortune 500 firm, with a weighted common lease expiry of roughly 12 years. The acquisition value represents a 7.5 per cent low cost to the common of two unbiased valuations.
To partially fund the acquisition, Mindspace REIT will situation as much as 16.17 million models at ₹379.08 per unit by a preferential situation, topic to unitholder and regulatory approvals. The whole buy consideration for the fairness shareholding is roughly ₹613 crore.
The acquisition will improve Mindspace REIT’s portfolio dimension from 34.8 million sq. toes to 36.6 million sq. toes and enhance its dedicated occupancy from 91.5 per cent to 92 per cent. The corporate expects the acquisition so as to add roughly ₹167 crore to its FY25 Internet Working Revenue on a proforma foundation, representing an 8.2 per cent development.
The transaction aligns with Mindspace REIT’s development technique and strengthens its presence in Hyderabad’s largest micro-market, taking its portfolio dimension within the metropolis to roughly 15 million sq. toes.
