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Nexus Select Trust has filled a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) last week in a bid to launch a retail REIT to raise $500 million. The DRHP is a preliminary registration document prepared a company looking to launch an IPO and include information about the company's business operations, promoters, financials, and other such details. The Trust is looking to officially hit the capital market in the first half of the calendar year 2023. The Nexus Select Trust REIT will be India’s first retail REIT, and the fourth REIT to be launched in the country since 2019.
The Nexus Select Trust has a portfolio of over 17 operational shopping malls comprising of 10 million square feet spread across 14 major cities. It includes Select Citywalk Mall located in New Delhi which is said to contain over 3,00 stores. The estimated value of the Trust’s assets is said to be around $3 billion. It is being touted as India’s first REIT with rent-yielding retail real estate assets. The rating agency ICRA assigned a provisional AAA rating for the Nexus Select Trust REIT in October this year.
The primary sponsor of Nexus Select Trust REIT is Wynford Investments Limited, an affiliate of Blackstone Inc. The fund will be managed by Blackstone along with a highly experienced and accomplished board of directors including former employees of IDFC, Asian Paints and Embassy REIT. Blackstone is collectively one of India’s largest office landlords with office space totally to 100 million square feet. It is also a formidable player in warehousing with more than 21 assets in the country.
The Nexus Select Trust REIT will be India’s fourth REIT. The first REIT was launched in April 2019 by the name Embassy Office Parks REIT, backed by Blackstone and realty firm Embassy Group. In 2020, global investment firm Brookfield launched its REIT through an IPO raising 3,800 crore rupees followed by the K Raheja and Blackstone backed Mindspace Business Parks REIT that raised 4,500 crore rupees.
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