Nexus Select, Runwal Enterprises JV to develop 730k sq ft mall near Mumbai

Mumbai: Blackstone-backed Nexus Select Trust, India's maiden listed retail real estate investment trust (REIT), and realty developer Runwal Enterprises are set to enter a joint venture to develop a 730,000 sq ft Grade-A urban retail mall in Dombivli near Mumbai.

This marks the REIT's first partnership in an under-construction retail project since listing. Both the partners will jointly develop the proposed Nexus Runwal Gardens Mall with an investment value of over ₹900 crore.

The development will be undertaken through a special purpose vehicle, with Runwal Enterprises overseeing development and construction, while Nexus Select Trust will lead leasing and asset management.


"Since listing, Nexus has largely focused on completed, income-generating assets, but the Dombivli project marks a shift towards development amid an aggressive inorganic expansion. With this tie-up, we are extending the strategy into a structurally de-risked opportunity, backed by a strong township ecosystem, connectivity and a rapidly expanding catchment," said Dalip Sehgal, executive director & CEO, Nexus Select Trust.

According to him, the structure allows the REIT to participate in long-term value creation while maintaining capital discipline and full operational control.

"This strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure," said Subodh Runwal, CMD, Runwal Enterprises. "We are looking forward to a long-term partnership with Nexus Select Trust, a Blackstone sponsored REIT, to develop world-class projects in India."

The urban consumption hub, with a planned gross leasable area (GLA) of around 730,000 sq ft, will be located at the entry point of the Runwal Garden City township spread over 250 acres.

Since listing, Nexus has built a portfolio of 19 Grade-A urban consumption centres across 15 cities, with a total retail GLA of 10.7 million sq ft.