Nexus Select Trust Expands with Major Stake in New Mumbai Mall

Nexus Select Trust, a REIT backed by Blackstone, has announced plans to acquire a 50% stake in the upcoming Nexus Runwal Gardens Mall in Mumbai for Rs 434 crore. This development is part of their expansion in India, adding to their portfolio of 19 malls and other assets.

Nexus Select Trust, a real estate investment trust backed by Blackstone, has revealed plans to acquire a 50% stake in a new mall coming up in Mumbai. The deal, amounting to Rs 434 crore, is a strategic expansion move by the firm.

According to a regulatory filing, Nexus Select Trust will partner with Runwal Enterprises to develop the Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region. This new mall is expected to cover a gross leasing area of 7.4 lakh square feet.

The acquisition involves purchasing a 50% equity share in Garden City Malls Pvt Ltd. Nexus Select Trust's portfolio already includes 19 malls across 15 Indian cities, along with hotel and office assets.

(With inputs from agencies.)