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Nexus Select Trust has announced plans to acquire a 50% stake in an under-construction retail mall in Dombivli, part of the Mumbai Metropolitan Region, as part of its portfolio expansion strategy. The transaction involves an investment of INR 434 crore and will be executed through a partnership with Runwal Enterprises. The proposed mall, to be known as Nexus Runwal Gardens Mall, is expected to offer a substantial gross leasing area and will be operated jointly by the two parties. The acquisition will be routed through the purchase of equity in a Runwal group subsidiary. Nexus Select Trust, which is sponsored by Blackstone, continues to expand its retail-focused real estate portfolio across key Indian cities.
Real estate investment trust Nexus Select Trust has stated that it will acquire a 50% stake in an upcoming shopping mall in Dombivli for a consideration of INR 434 crore, as part of its ongoing expansion plans. Advertisement
In a regulatory filing made earlier this week, Nexus Select Trust, which is sponsored by Blackstone, said it had entered into a partnership for an under-construction retail development in the Mumbai Metropolitan Region. The REIT has agreed to acquire a 50% stake in the proposed Nexus Runwal Gardens Mall, which will be operated in partnership with Runwal Enterprises.
The upcoming mall is planned to have a gross leasing area of around 7.4 lakh sq ft. As part of the transaction structure, Nexus Select Trust will acquire a 50% equity shareholding in Garden City Malls Pvt Ltd, which is a wholly owned subsidiary of Runwal Residency Pvt Ltd. The filing noted that the purchase consideration of INR 434 crore implies an overall enterprise value of INR 892 crore, including estimated closing costs, and is subject to customary closing adjustments. The valuation is based on an estimated net leasable area of approximately 4.67 lakh sq ft.
Nexus Select Trust's existing portfolio comprises 19 operational shopping malls with a combined gross leasable area of 10.7 million sq ft across 15 cities in India. In addition to retail assets, the REIT also owns three hotel properties with a total of 450 keys and three office assets with a combined gross leasable area of 1.3 million sq ft.
Runwal Enterprises, which will jointly operate the Dombivli mall with Nexus Select Trust, has delivered 15 real estate projects aggregating 11.14 million sq ft of built-up area. The developer is currently executing 25 ongoing projects with a total development area of 17.39 million sq ft and has a pipeline of 32 upcoming projects.
The proposed acquisition is aligned with Nexus Select Trust's strategy of expanding its retail-led asset base through partnerships and selective investments in high-growth urban markets within the Mumbai Metropolitan Region.
Source - PTI
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