Blackstone’s Siddharth Nawal set to take over as CEO of Nexus Select Trust

Mumbai: Siddharth Nawal, managing director at Blackstone’s real estate business in India, is set to take over as chief executive officer of Nexus Select Trust, the country’s only listed retail real estate investment trust, people aware of the development told ET.

Nawal has been associated with Blackstone’s retail real estate business in India for about a decade and joined the board of Nexus Select Mall Management, the manager to the trust, as a director in November 2025.

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“The appointment is expected to be formalised soon, with the transition likely to be announced following completion of the necessary internal processes and approvals,” said one of the persons mentioned above.

Nexus Select Trust owns 22 retail assets across 17 cities, with about 12 million sq ft of leasable area, besides hotel and office assets. Blackstone, the sponsor, held about 43% in the trust before selling around 21% through block deals in August 2024.

The leadership change comes as Nexus expands its retail portfolio through acquisitions and development partnerships. The trust has added three mall assets in Kolkata and Guwahati this year as it expands into eastern and northeastern India.

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Blackstone declined to comment for the story, while email sent to Nexus Select Trust remained unanswered.

Nexus plans to increase its shopping centre portfolio from 19 to 30-35 malls by 2030, targeting 8-10 retail asset acquisitions and strategic development partnerships.

Dalip Sehgal, who has been CEO since February 2018, is expected to continue in a co-CEO role and work with Nawal through the end of the year, people aware of the development said. Sehgal has led the platform through its listing as a REIT in May 2023.

Nawal was involved in Blackstone’s aggregation of retail assets that were brought under the Nexus Malls platform before being listed as a REIT.