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Nexus Trust on Mall Buying Spree

Torbit - August 02, 2024 - - 0 |
Nexus Trust on Mall Buying Spree

Nexus Trust on Mall Buying Spree

Nexus Select Trust, a retail real estate investment trust and Indian retail portfolio arm of the world’s leading investment firm-Blackstone is in the expansion mode with plans to acquire 5 new malls. It has reportedly signed term sheets to buy two malls and is in talks to buy five more.

The company had a portfolio of 17 shopping centres with a total space of 10msf in March 2024. These included Nexus Amritsar, Nexus Select City Walk, New Delhi, Nexus Elante, Chandigarh, Nexus Celebration, Udaipur, Nexus Whitefield, Bengaluru, Fiza by Nexus, Mangaluru, Nexus Shanti Niketan, Bengaluru, Nexus Vijay Complex, Chennai, Nexus Hyderabad, Nexus City Centre, Mysuru, Nexus Ahmedabad One, Nexus Esplanade, Bhubaneswar.

Nexus Select Trust is open to acquiring more top tier malls. According to company CEO, Dalip Sehgal, Nexus wants to expand its footprint in the 14 markets. It recently announced its plans to buy 3 grade A malls in Hyderabad spread over 1 msf in total from Larsen & Toubro for Rs 1000 crore. The company already has its presence in Hyderabad with Nexus Hyderabad mall.

Nexus Select Trust which clocked 48.68 percent rise in net profit to Rs 139.58 crore in Q1FY25 and 96.03 percent increase in sales to Rs 553.82 crore, is looking forward to double its retail portfolio net operating income in the next 5 years.

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