Nexus Select Trust Expands Retail Footprint with Ludhiana Acquisition

Nexus Select Trust, a Blackstone-sponsored REIT, plans to acquire a shopping mall and hotel in Ludhiana for Rs 490 crore. With a portfolio of 17 malls, it aims to expand further in North India. COO Jayen Naik highlights growth in the organized retail sector, targeting premium retail spaces.

Nexus Select Trust, sponsored by Blackstone, is set to expand its retail real estate footprint by acquiring a shopping mall and hotel in Ludhiana at an enterprise value of Rs 490 crore. The company, a listed retail Real Estate Investment Trust (REIT), remains optimistic about growth prospects in organized retail in India.

Currently, Nexus Select Trust manages 17 shopping malls with a Gross Leasable Area of 9.9 million square feet across 14 cities in India. It also owns two hotel assets and three office assets, contributing to a diversified property portfolio. The strategic acquisition in Ludhiana is expected to boost annual rental income significantly.

The deal, anticipated to close in two months, aligns with Nexus Select Trust's broader strategy to expand in North India. According to COO Jayen Naik, the company is actively seeking more shopping malls nationwide, with particular interest in properties nearing completion in cities like Gurugram and Noida.

(With inputs from agencies.)