Nexus Select Trust approves Rs 347.5 cr Kolkata mall acquisition

Mumbai: Nexus Select Mall Management, the manager to listed Real Estate Investment Trust (REIT) Nexus Select Trust, has approved the acquisition of a retail asset in Kolkata for an enterprise value of Rs 347.5 crore, as part of its ongoing portfolio expansion strategy.

The company's board on Tuesday evening cleared the execution of definitive agreements for acquiring Diamond Plaza, a shopping mall with an estimated gross leasable area of around 244,000 sq ft.

Also Read: Nexus Select Trust to pick 50% stake in Runwal Enterprises' upcoming mall in Mumbai for Rs 434 crore


The acquisition will be undertaken through the trust’s special purpose vehicle, Nexusmalls Whitefield, subject to customary closing conditions and adjustments.

The transaction involves the purchase of the mall-owning entity, Super Diamond Enterprises, following its restructuring and separation of unrelated business operations.

The deal is being executed with unrelated third parties, in line with regulatory requirements.

Since its listing in May 2023, Nexus Select Trust has added two malls to its portfolio, taking its total holdings to 19 malls spanning 10.7 million sq ft across 15 cities.

The board also took on record a valuation report issued by iVAS Partners, represented by independent valuer Arvindkumar C, in connection with the proposed acquisition.

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

In addition, the company approved key appointments to support its operational and compliance framework.

Lopamudra Bidwata Panda, a registered valuer, has been appointed to undertake valuation services for the trust and its special purpose vehicles over two financial years from FY27 to FY28, subject to unitholder approval.

Further, Grant Thornton Bharat LLP has been appointed as internal auditor for the trust and its entities for a three-year term from FY27 to FY29.