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Nexus Select Trust, the retail division of the Blackstone Group, is strategically positioning itself for a significant expansion in the vibrant Indian retail landscape. It is all set to acquire a substantial portfolio consisting of three malls spanning around 1 million sq ft in Hyderabad from L&T Metro, which is a bold move by Nexus Select Trust. The estimated value of this prospective deal surpasses INR 1,000 crore. This move comes on the heels of the trust's recent acquisition of the Select City Walk mall in New Delhi, showcasing a robust commitment to fortifying its footprint in India's booming consumer market.
The potential acquisition comprises key properties, namely the E Galleria mall in Moosarambagh, L&T Metro Mall in Panjagutta, and the Next Galleria Mall near Errum Manzil. Nexus Select Trust has meticulously evaluated these assets over several months and then finalized the letter of intent (LOI) for the three malls.
In terms of financial specifics, the deal is currently awaiting the crucial nod from the Telangana government. Nexus Select Trust has formally submitted a request for approval from the state government to proceed with the transaction. Once the necessary approvals are secured, Nexus will move forward with the formal signing and execution of the deal.
The Trust has been proactive in acquiring 17 shopping malls since 2016, fostering organic growth and solidifying its position in the dynamic Indian retail landscape. Last year, the trust made a notable addition to its assets with the inclusion of the Select City Walk mall in New Delhi. This strategic move preceded the trust's exploration of a real estate investment trust (REIT) listing, underscoring its long-term commitment to the Indian retail market.
This ambitious expansion plan is emblematic of Nexus Select Trust's growing influence in the Indian retail sector. Nexus Select Trust, as a global investment firm, has been strategically positioning itself in the Indian retail landscape, capitalizing on the country's status as one of the most promising consumer markets globally.
The retail sector's exceptional performance aligns with Nexus Select Trust's expansion strategy in India. Despite facing global challenges, the Indian retail sector has demonstrated resilience and potential for growth. The retail sector witnessed a record leasing of 1.1 million sq ft across six cities in 2023, representing a remarkable 47% increase, as reported by property consultancy CBRE. This surge in leasing activity indicates a robust interest among retailers for new setups, expansions, and store upgrades.
India's emergence as a promising consumer market has not gone unnoticed by global investors and retail players. The heightened interest in the retail sector is evident in the record leasing activity, reflecting a 47% YoY increase in 2023. Nexus Select Trust, with its strategic acquisitions and plans for a potential REIT listing, is well-positioned to capitalize on India's evolving retail story.
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