Blackstone likely to sell over 33 crore Nexus REIT units in block deals on Friday

US-based private equity major Blackstone is likely to sell over 33 crore units of Nexus Select Trust on Friday through block deals in open market at Rs 135 per unit, a discount of 6.3% to Thursday’s close.

The deal is expected to fetch $530.6 million or Rs 4,455 crore for the sponsor of the Real Estate Investment Trust (REIT). Blackstone’s stake in the REIT is likely to be trimmed to 21.3% from 43.1% as at June end.

IIFL Securities and JM Financial Institutional Securities are the brokers to the deal.


Blackstone will have a statutory lock-up of 15% stake in the REIT until May 2026. It has also agreed for a voluntary lock-up for a balance stake of 6.3% for nine months.

In May 2023, India’s maiden retail assets-led REIT Nexus Select Trust raised over Rs 3,200 crore through its initial public offer.

Nexus started operations in 2015 with acquisition of its first two malls in Ahmedabad and Amritsar. Currently, the Nexus Select Trust portfolio consists of 17 malls with a total spread of nearly 10 million sq ft across 14 cities with 97.3% retail portfolio occupancy.