Hyderabad: Mindspace Business Parks REIT has taken a significant step by acquiring 100% of Mack Soft Tech Private Limited. This company owns ‘Q-City,’ a commercial property spanning about 0.81 million square feet in Hyderabad’s Financial District. The acquisition, valued at approximately INR 512 Crores, marks Mindspace’s entry into this strategic location and is its first addition outside its existing Portfolio Parks.
Mindspace REIT completed this transaction through its Asset SPV, Horizonview Properties Private Limited. The newly acquired property will be renamed ‘The Square, 110 Financial District.’
With this purchase, Mindspace REIT strengthens its presence in Hyderabad, now having over 16 million square feet of space. Hyderabad is a sought-after commercial market in India, known for its high demand from GCCs, low vacancy rates, and strong tenant interest. This acquisition positions Mindspace in the promising Financial District, which has excellent potential for growth.
Ramesh Nair, CEO and MD of Mindspace Business Parks REIT, expressed his excitement about this milestone. He noted that this is their first significant external acquisition, enhancing their position in Hyderabad, a major hub for GCCs and tech talent. With limited institutional-quality supply and high demand, the timing is perfect. As areas like Madhapur and HITEC City reach capacity, global businesses are moving westward, and this acquisition allows Mindspace to meet that demand.
The property was secured at an 11.6% discount to an independent valuation, with a cap rate of approximately 9.9%. This acquisition reflects Mindspace’s careful capital deployment and dedication to long-term value creation for its unitholders. Mindspace aims to grow strategically and selectively, maintaining a strong focus on its objectives.
