Nexus Select Trust acquires 17 malls; to continue inorganic growth post IPO
Blackstone-sponsored Nexus Select Trust, which will soon launch Rs 3,200 crore retail REIT public issue, has acquired 17 shopping malls in the last seven years and will further expand portfolio through inorganic route as it remain bullish about retail consumption.
Nexus Select Trust will hit the capital market on May 9 to raise up to Rs 3,200 crore through its retail REIT Initial Public Offering (IPO) and this includes fresh issue of units worth up to Rs 1,400 crore and an Offer For Sale (OFS) of up to Rs 1,800 crore.
The company has fixed the price band at Rs 95 per unit to Rs 100 per unit for the proposed issue scheduled to close on May 11.
This will be India's first REIT (Real Estate Investment Trust) IPO backed by rent yielding retail real estate assets. At present, there are three listed REITs on stock exchanges but all backed by office assets.
Nexus Select Trust has a portfolio of 17 operational shopping malls, including Delhi's premium Select City Walk, across 14 major citie