Nexus Select Trust's Strategic Growth and Robust Performance in Q1 2024-25

Nexus Select Trust, a retail real estate REIT, reported a 7% rise in net operating income to Rs 412.7 crore for the June quarter. The company plans to raise Rs 1,700 crore through commercial papers and debentures and has signed term sheets to acquire new retail assets, further expanding its extensive portfolio.

Nexus Select Trust, a listed REIT anchored in retail real estate, on Tuesday announced a 7% increase in its net operating income, reaching Rs 412.7 crore for the June quarter. Additionally, the trust revealed its intentions to secure up to Rs 1,700 crore through the issuance of commercial papers and debentures.

According to a regulatory filing, the REIT achieved retail Net Operating Income (NOI) of Rs 371.9 crore for the April-June period this fiscal year, marking an 8% increase compared to the previous year. Nexus Select Trust also declared a distribution of Rs 325.3 crore or Rs 2.147 per unit for the first quarter of 2024-25.

The company disclosed that it has signed two term sheets for the acquisition of 0.8 million square feet of retail assets and has commenced due diligence. This brings the total number of assets under acquisition to five. The board has also approved the issuance of up to Rs 500 crore in commercial papers and Rs 1,200 crore in non-convertible debentures in multiple transactions.