Nexus Select Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Nexus Select Trust, India's first listed retail REIT, has approved acquiring a 50% stake in Garden City Malls Private Limited, a wholly owned subsidiary of Runwal Residency Private Limited, for a purchase consideration of INR 434 Crores with an overall enterprise value of INR 892 Crores. The deal involves an under-construction ~7.3 lakh sq ft Grade-A integrated shopping mall and multiplex at Dombivli in the Mumbai Metropolitan Region, expected to be completed by FY30. The acquisition is NXST's first under-construction partnership since listing and includes a call option to buy the remaining 50% after 36 months. The board also approved subscribing to NCDs of INR 115 Crores in Runwal Residency and raising a term loan of up to INR 400 Crores from Bajaj Housing Finance for repayment of existing debt and capital expenditure.
This acquisition expands NXST's portfolio into a high-growth Mumbai suburban micro-market with strong infrastructure tailwinds (metro, bullet train, tunnel projects), embedding long-term value creation. For unitholders, it signals growth beyond mature assets into under-construction development, though it adds execution risk over the ~4-year build period. The mixed funding approach (debt + NCD subscription) keeps the deal capital-efficient but will increase leverage.