by THO
Blackstone-backed Nexus Select Trust, India’s first retail real estate investment trust (REIT), has acquired Vega City Mall in Bengaluru for ₹913 crore, the company informed in a regulatory filing on February 13.
It said that the company has closed the acquisition of Vega City Mall, a Grade-A shopping mall in Bengaluru, for a total enterprise value of ₹913 crore. This includes a purchase consideration of ₹869.75 crore and a balance towards planned capex, including renewables and closing costs.
With this latest acquisition, Nexus Select Trust now owns four malls in Bengaluru, covering a total of 1.7 million sq ft, and six malls across Karnataka, with a combined portfolio of 2.7 million sq ft. Nexus plans to double its mall portfolio within the next five years, the company told HT.com.
Also Read: Nexus Select Trust to acquire shopping mall in Bengaluru for ₹877 crore
The Nexus Select Trust portfolio consists of 18 Grade-A shopping malls spanning 10.4 million sq ft across 14 cities in India, along with two complementary hotel assets (354 keys) and three office assets with a Gross Leasable Area of 1.3 million sq ft.
Vega City Mall, located in South Bengaluru, is 96% leased to a diverse mix of international and domestic brands.
“We are delighted to close the acquisition of Vega City Mall, a high-quality Grade-A urban consumption centre in an affluent South Bengaluru neighbourhood with a diversified tenant mix comprising international and domestic brands. This acquisition reaffirms the commitment to our business model and the promise we made at the time of listing to grow the portfolio through accretive acquisitions of high-quality assets,” Dalip Sehgal, Executive Director and Chief Executive Officer at Nexus Select Trust, said.
Also Read: Blackstone sells 33 crore units in Nexus Select Trust for ₹4,550 cr
In August 2024, Blackstone said it sold 33 crore units in its REIT firm Nexus Select Trust for around ₹4,550 crore through a block deal on stock exchanges as part of a strategy to monetise its real estate portfolio.
Blackstone currently holds a 43% stake in Nexus Select Trust, India’s first real estate investment trust (REIT) backed by retail properties.
