REIT Expands Mumbai Metropolitan Region Presence with Strategic Mall Investment
New Delhi, February 23: Real estate investment trust Nexus Select Trust has announced plans to acquire a 50 percent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region, for ₹434 crore, marking a significant step in its expansion strategy.In a regulatory filing on Monday, the Blackstone-sponsored REIT confirmed that it has entered into an agreement for the development project, which is currently under construction.
Details of the Transaction
Under the agreement, Nexus Select Trust will acquire a 50 percent equity stake in Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd. The mall will be operated in partnership with Runwal Enterprises.The purchase consideration stands at ₹434 crore, while the overall enterprise value of the transaction is pegged at ₹892 crore, including estimated closing costs. The final consideration remains subject to closing adjustments.
The proposed Nexus Runwal Gardens Mall will span a total area of 7.4 lakh square feet. Based on an estimated net leasable area of 4,67,000 square feet, the development is positioned to strengthen the REIT’s retail footprint in the high growth Mumbai Metropolitan Region.
Nexus Select Trust Portfolio Overview
Nexus Select Trust currently manages a diversified retail led portfolio comprising:- 19 malls
- Gross leasable area of 10.7 million square feet across 15 cities in India
- Three hotel assets with 450 keys
- Three office assets with a gross leasable area of 1.3 million square feet
Runwal Enterprises Development Track Record
Mumbai based Runwal Enterprises has completed 15 real estate projects spanning 11.14 million square feet. The developer is currently executing 25 ongoing projects totaling 17.39 million square feet and maintains a pipeline of 32 upcoming developments.The partnership brings together Nexus Select Trust’s retail asset management platform and Runwal Enterprises’ development capabilities for the Mumbai Metropolitan Region market.
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