Mindpsace REIT acquires 18.2 lakh sq ft commercial complex in Hyderabad for Rs 613 crore
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Mindspace REIT, which is listed on stock exchanges, will acquire 100 per cent equity of Sustain Properties Pvt Ltd, which owns this 18 lakh square feet area. The shareholders of Sustain Properties will be allotted units in Mindspace REIT as consideration.
In a regulatory filing, Mindspace REIT informed that the board has approved «acquisition of 100 per cent equity shareholding of Sustain Properties holding about 1.82 million (18.2 lakh) square feet of leasable area at Commerzone Raidurg, located at Raidurg, Hyderabad.
The deal value is Rs 612.9 crore.
The board has approved the issuance of up to 16,168,090 units of Mindspace REIT, on a preferential basis, as consideration for acquisition at a price of Rs 379.08 per unit to the shareholders of Sustain Properties as consideration for the transfer of their 100 per cent equity shareholding.
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