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Nexus Select Trust, a retail Real Estate Investment Trust (REIT) sponsored by Blackstone, is on the verge of finalizing the acquisition of a shopping mall and hotel in Ludhiana for an enterprise value of ₹490 crore. The deal is expected to close within the next two months. The company is also actively seeking additional assets to expand its presence in North India.
As of December 2024, Nexus Select Trust holds a portfolio comprising 17 shopping malls and urban consumption centers, offering a Gross Leasable Area (GLA) of 9.9 million square feet across 14 Indian cities. The portfolio also includes two hotels with 354 keys and three office assets totaling 1.3 million square feet of GLA.
In an exclusive interview with PTI, Jayen Naik, Chief Operating Officer of Nexus Select Trust, expressed optimism about the growth trajectory of organized retail in India and the sustained demand for high-end retail spaces. "We are very positive about the retail sector and the increasing appetite for premium real estate in India," Naik remarked.
Naik further detailed that the Ludhiana mall acquisition will generate an additional annual rental income of ₹40-45 crore. Looking ahead, the company is focused on expanding its footprint across North India, targeting both completed malls and those in the final stages of construction. However, Naik clarified that Nexus Select is not considering malls where individual shops have been sold off through strata sales.
"Locations like Gurugram, Noida, and other major cities in North India are on our radar," Naik said, adding that the company currently operates malls in Delhi, Chandigarh, Amritsar, and Udaipur.
In February 2025, the board of Nexus Select Trust approved the acquisition of MBD Neopolis, a Grade A mall with a leasable area of 2.56 lakh square feet, along with the Radisson Blu Hotel MBD in Ludhiana, for ₹490 crore. The acquisition is expected to further bolster the company's asset base.
"Our goal is to double our retail real estate portfolio to 20 million square feet by 2030," Naik emphasized.
Nexus Select Trust's financial performance remains robust, with a 6% year-on-year increase in Net Operating Income (NOI) to ₹441.6 crore for the third quarter of FY 2024-25. The company also declared a distribution of ₹332.69 crore to its unitholders for the quarter ending December 2024.
