Nexus Select Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Nexus Select Trust's Board has approved the acquisition of Diamond Plaza Mall in Kolkata for INR 347.5 Crores. The mall has approximately 244,000 sq ft of Gross Leasable Area and generated revenues of INR 40.1 Crores in FY 2024-25. The acquisition will be executed through the Trust's SPV, Nexusmalls Whitefield Private Limited, via 100% shareholding acquisition of the owning entity Super Diamond Enterprises (a partnership firm) post its restructuring. The independent valuation was conducted by iVAS Partners. The Trust also appointed new valuers (Ms. Lopamudra Panda and Savills) for two years and internal auditors (Grant Thornton Bharat LLP) for three years. The transaction is expected to complete within 4 months.
This acquisition expands Nexus Select Trust's presence into Eastern India, adding a retail mall asset to its portfolio. The INR 347.5 Crores deal represents a meaningful asset addition that could positively impact unit holder returns through increased rental income. The stock may see a positive reaction given the portfolio expansion at an arm's length valuation.