Nexus Select Trust to Acquire Diamond Plaza, Kolkata, for INR 347.5 Crores

Nexus Select Trust to Acquire Diamond Plaza, Kolkata, for INR 347.5 Crores​

Nexus Select Trust's manager, Nexus Select Mall Management Private Limited, reported the board's approval for the acquisition of Diamond Plaza, Kolkata. The transaction involves acquiring the owning entity, M/s. Super Diamond Enterprises (partnership firm), following its restructuring and hiving off unrelated business.

The board meeting, held on Tuesday, April 07, 2026, approved the execution of share purchase agreements and other transaction documents for the acquisition. The consideration for this acquisition is INR 347.5 Crores (Indian Rupees Three Hundred Forty Seven Crores Fifty Lakhs only), or an amount mutually agreed upon by the parties, subject to customary closing adjustments.

The acquisition will be executed by the Trust's Special Purpose Vehicle (SPV), Nexusmalls Whitefield Private Limited, pending the execution of transaction documents and fulfillment of agreed closing conditions.

Key Board Approvals​

The board also took several actions related to the proposed acquisition and advisory roles:

• Valuation Report: The board took on record the valuation report issued by iVAS Partners, represented by Mr. Arvindkumar C, the independent valuer of the Trust.
• Valuer Appointment: The board approved the appointment and remuneration of Ms. Lopamudra Bidwata Panda, registered valuer, and M/s Savills Property Services (India) Private Limited to provide industry assessment services to Nexus Select Trust and its SPVs/Investment Entity for two consecutive financial years, FY 2026-27 and FY 2027-28, including the valuation as of March 31, 2028, subject to unitholder approval.
• Internal Auditor Appointment: The board approved the appointment and remuneration of M/s Grant Thornton Bharat LLP as Internal Auditors of the Trust and its SPVs/Investment entity for a period of three financial years, from FY 2026-27 till FY 2028-29.

Details of the Proposed Acquisition​

The details concerning the acquisition of the Mall Asset are outlined below:


The management estimates of Revenue from Operations for the Mall Asset are reported in INR Crores:

The acquisition, managed through the SPV, is considered to be in line with the Trust's business objects, presenting a potential opportunity to expand the Trust's presence in Eastern India.

Valuation Report Details​

The valuation report covers the property located at 1/72, Jessore Road, Shyam Nagar, Kolkata - 700055. The valuation was conducted by iVAS Partners.

Key financial findings from the valuation report include:

• Property Name: Diamond Plaza Mall
• Date of Valuation: December 31, 2025
• Market Value Conclusion (as of December 31, 2025): INR 4,159 Million

The valuation utilized a Discounted Cash Flow (DCF) methodology with a rent reversion approach.

Operational Overview​

The Subject Property, Diamond Plaza Mall, has a total land area of 6,218.5 sqm (approximately 1.54 acres). The leasable area totals 244,820 sf, with an occupied area detailed as follows:

The analysis of the area showed that 61.8% of the leased area operates under a Minimum Guarantee (MG) plus Turnover Rent (TR) structure, which the report noted positions the mall to realize revenues above fixed contractual rents long term.

The board meeting commenced at 13:02 Hrs IST and concluded at 13:15 Hrs IST on April 07, 2026.

NXST Stock Price Movement​

As of 1:39 PM, shares of Nexus Select Trust are slipping by 0.28% in live trading, currently at ₹152.54. The stock has seen 78,948 shares traded in today's session.

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