Nexus Select Trust enters Northeast with Rs 1,600-crore Guwahati mall, Hyatt Regency deal

Guwahati: Nexus Select Trust retail REIT announced its strategic entry into Northeast India through a transaction for the development of a Grade-A Mall and Hotel in Beharbari, Guwahati.

The transaction marks the first step in Nexus’ broader strategy to build a presence across the high-potential consumption markets of East and Northeast India, with Guwahati providing an attractive entry point into the region.

Guwahati serves the entire Northeast region with a population of over 50 million. Nexus will be acquiring 100% stake at a purchase consideration of Rs 1,600 crores in the upcoming Galaxy Complex, comprising the 0.5M sf Nexus Galaxy Mall and 164-keys Hyatt Regency Hotel.


These assets will be developed by the seller to mutually agreed specifications. Nexus will assume operational responsibility upon completion of construction and receipt of necessary approvals. This transaction marks Nexus Select Trust’s first under-construction development transaction in Northeast India and second such transaction since listing. It also represents a strategic evolution of the platform, from a decade of disciplined portfolio expansion, scaling from two malls to 19 best-in-class assets across India, towards selectively pursuing structurally de-risked development opportunities in high-potential consumption markets aligned with India’s long-term consumption growth.

Establishing a Northeast India Foothold Guwahati is emerging as a leading retail and consumption hub in Northeast India, supported by rising household incomes, increasing urbanisation and a growing appetite for organised retail and premium brands. As the region’s largest commercial centre and a key gateway to the eight Northeastern states, the city serves a catchment extending well beyond its immediate population.

The proposed asset is located within a dense and affluent catchment of Guwahati and provides Nexus an entry into the underpenetrated organized retail market of Northeast India. Guwahati remains significantly under-supplied in Grade-A retail, with no planned Grade-A mall developments in the city. With a population of over 2 million and per capita income of $7,000, Guwahati accounts for 45% of Assam’s Gross State Domestic Product.

Dalip Sehgal, Executive Director and Chief Executive Officer, Nexus Select Trust, said, “This acquisition translates our stated ambition for East and Northeast India into action. It marks our strategic entry into Northeast India, our second under-construction development transaction since listing and the first step towards building a scaled presence across one of the country’s most promising consumption corridors. We will now have presence in Kolkata and Guwahati, two of the most affluent cities of East India. Guwahati is the natural gateway to the region and offers a compelling combination of rising consumption, strong brand demand and limited Grade-A retail infrastructure. The transaction allows us to secure a firstmover position in strengthening our wider presence in East and Northeast India. This acquisition will enable us to scale across East India’s key consumption hubs like Kolkata, Guwahati, Siliguri, Patna, Bhubaneswar, Ranchi and Jamshedpur. With our robust East India pipeline of 6 Grade-A retail assets totalling to approximately 3.6 million square feet across 4 key cities, we are building a dominant presence in the region. Our ambition is to build East India portfolio generating over Rs 600 crore of NOI, contributing more than 25% of our existing portfolio NOI, meaningfully advancing our long-term vision of a resilient, pan-India platform anchored in growth, sustainability, and consumer delight.”

Gautam Vaswani, Chief Acquisition Officer, Nexus Select Trust, said, “The transaction enables Nexus to secure an asset in Northeast without taking on development risk. The transaction implies an 8.25-8.50% acquisition cap rate range for the mall and an 11.5-12.5x EBITDA multiple range for the Hotel. The transaction is expected to be NAV and DPU accretive upon acquisition. Importantly, our post-acquisition LTV will remain below 20%, preserving substantial balance-sheet capacity for future growth.”

Manoj Kayal and Deepak Kayal, Promoters, Galaxy Infra Creations Private Limited, said, “We are pleased to partner with Nexus, India’s largest Grade-A urban consumption centre platform. Galaxy Complex has been envisioned as a landmark mixed-use development that will bring together high-quality retail, hospitality, commercial and residential infrastructure in one of Northeast India’s fastest-growing markets. This transaction allows Nexus to bring its proven capabilities to own, operate and scale Grade-A urban consumption centres, while Hyatt partners them to bring globally recognised hospitality expertise. We believe this transaction will help realise the development’s full potential and create a destination of enduring value for Guwahati and the wider region.”