Nexus Select Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Nexus Select Trust's Board approved acquiring Diamond Plaza Mall in Kolkata through its SPV Nexusmalls Whitefield Private Limited for INR 347.5 Crores. The mall has approximately 244,000 sq ft of Gross Leasable Area. The acquisition involves purchasing M/s. Super Diamond Enterprises (a partnership firm) after its restructuring under Section 366 of the Companies Act. The mall generated revenues of INR 40.1 Cr in FY 24-25, up from INR 37 Cr in FY 23-24. The transaction is not a related party deal and is expected to complete within 4 months. The Board also appointed Grant Thornton as internal auditors and a new valuer for FY 2026-28.
This acquisition expands the REIT's presence in Eastern India and adds a revenue-generating mall asset, which could enhance unit holder distributions. The all-cash deal at independent valuation is positive for portfolio growth.