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• Blackstone-backed Nexus Select Trust is close to acquiring Galaxy Group’s mixed-use project in Guwahati for nearly INR 1,300 crore.
• The development spans around 1.2 million sq ft and includes retail, office and hospitality components.
• The project is currently under construction and is expected to strengthen Nexus Select Trust’s presence in eastern and northeastern India.
• The deal reflects growing institutional interest in retail-led and mixed-use developments in emerging Tier-II cities.
• Guwahati has been witnessing rising commercial activity due to improving infrastructure, urbanisation and increasing consumer demand.
Blackstone-backed Nexus Select Trust is in advanced discussions to acquire Galaxy Group’s mixed-use development in Guwahati in a transaction valued at nearly INR 1,300 crore. The proposed acquisition is expected to further expand the REIT’s retail and commercial portfolio while strengthening its presence in fast-growing non-metro markets. Advertisement
The project, spread across nearly 1.2 million sq ft, is being developed by Galaxy Group and includes retail, office and hospitality spaces. The development is currently under construction and is being positioned as one of the major organised mixed-use destinations in Guwahati. Sources familiar with the matter indicated that discussions between both sides have progressed significantly, although the companies have not officially commented on the transaction.
The acquisition comes at a time when institutional investors and REITs are actively looking beyond major metropolitan cities for growth opportunities. Cities such as Guwahati have started attracting attention due to rising consumption demand, expanding infrastructure and improving connectivity with the rest of the country. Industry experts believe organised retail supply in northeastern India still remains limited compared to demand, creating long-term opportunities for developers and investors.
Nexus Select Trust, India’s first listed retail REIT, has been steadily expanding its portfolio through acquisitions and operational improvements across several cities. Its portfolio already includes large shopping centres and mixed-use developments in key urban markets. Earlier, the REIT had acquired Vega City Mall in Bengaluru for around INR 913 crore as part of its expansion strategy focused on high-footfall retail destinations.
The Guwahati project is expected to benefit from increasing urbanisation and the city’s growing role as a commercial gateway to the Northeast. Over the last few years, Guwahati has witnessed growth in organised retail, hospitality and office demand driven by rising disposable incomes and improved road, airport and rail connectivity. Several national brands and retail operators have also increased their presence in the city, reflecting changing consumer patterns in the region.
The proposed transaction also highlights the growing preference for integrated developments that combine retail, hospitality and office components within a single project. Such developments generally help improve occupancy, visitor footfall and rental stability while creating multiple revenue streams for asset owners.
Retail and commercial real estate transactions in Tier-II cities have increased steadily over the past few years as investors seek long-term growth opportunities outside saturated metro markets. Earlier, Inorbit Malls, backed by K Raheja Corp, had agreed to acquire two malls in Chhatrapati Sambhaji Nagar and Coimbatore from Prozone Group for nearly INR 1,242 crore, underlining rising confidence in consumption-led assets in emerging cities.
Market experts believe institutional investments in organised retail and mixed-use assets are likely to continue over the coming years, particularly in cities where infrastructure development and consumption growth are improving simultaneously. Guwahati is increasingly being viewed as one of the important commercial hubs in eastern and northeastern India, making it attractive for long-term real estate investments.
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