Nexus Select Trust Expands in Bengaluru with Mega Mall Acquisition

Nexus Select Trust is set to acquire Vega City Mall in Bengaluru for Rs 877 crore. The acquisition will deepen its presence in the city and is expected to conclude next week. The purchase involves a fully functional mall and the land it occupies, adding to Nexus's extensive retail portfolio.

Nexus Select Trust, a prominent REIT focused on rent-yielding retail assets, is making significant moves in Bengaluru, with plans to acquire Vega City Mall for Rs 877 crore. This strategic acquisition marks a notable expansion of Nexus Select Trust's retail presence in the city, which already boasts a considerable portfolio across India.

As confirmed by the latest regulatory filings, the board of directors at Nexus Select Mall Management Pvt Ltd has granted approval for the acquisition. The deal involves the purchase of both the functional mall, covering 0.45 million square feet, and the land it stands on, from current owner A S Muniswamy Raju HUF.

The transaction, set to be finalized through Nexus's special purpose vehicle, Vijaya Productions Pvt Ltd, is subject to customary closing conditions. Once complete, this acquisition will enhance Nexus's portfolio of 17 shopping malls, 354 hotel rooms, and three office assets, potentially leveraging operational synergies in Bengaluru.

(With inputs from agencies.)