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Nexus Select Trust recently announced it has successfully acquired a commercial complex in Ludhiana that included a 96-key Radisson Hotel and a shopping mall. The transaction, valued at an enterprise amount of INR 531 crore, includes a purchase consideration of INR 490 crore, associated stamp duty of INR 10 crore, and provisions for capital expenditure, such as hotel renovations and mall upgrades. The MBD Complex, a Grade-A urban consumption centre, spans approximately 0.3 million square feet with a current occupancy rate of 95 per cent. Nexus Select Trust, India's first publicly listed retail REIT, continues to expand its diversified portfolio, which now includes 19 shopping malls, three hotel assets, and three office assets.
Nexus Select Trust recently announced the completion of its acquisition of a commercial property in Ludhiana that includes a hotel and a shopping center, at an enterprise value of INR 531 crore. According to a regulatory filing, the company confirmed that it had successfully acquired the MBD Complex, a Grade-A urban consumption centre spanning around 0.3 million square feet, which includes a 96-key Radisson Hotel. Advertisement
The deal, which was executed earlier this week, encompasses a purchase consideration of INR 490 crore, along with associated stamp duty of INR 10 crore and closing costs. Additionally, a provision has been made for planned capital expenditure, covering hotel refurbishments and mall upgrades. The MBD Mall, which boasts an occupancy rate of approximately 95 per cent, is expected to further strengthen Nexus Select Trust's growing portfolio.
Nexus Select Trust, recognised as India's first publicly listed retail Real Estate Investment Trust (REIT), has been actively expanding its asset base. Its extensive portfolio currently consists of 19 shopping malls spread across 15 cities in India, with a Gross Leasable Area of 10.6 million square feet. Furthermore, the portfolio also includes three hotel assets, comprising a total of 450 keys, and three office properties with a combined Gross Leasable Area of 1.3 million square feet.
As Nexus Select Trust continues to consolidate its presence across major Indian cities, its focus on Grade-A assets and retail-oriented commercial properties is likely to remain a key growth driver in the foreseeable future.
Source - PTI
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