Nexus Select Trust to acquire Galaxy Infra Creations for Rs 1,600 crore

Realty firm Nexus Select Trust on Wednesday said it will acquire a 100 per cent stake in Galaxy Infra Creations Pvt Ltd, which is constructing a shopping mall and a hotel in Guwahati, for Rs 1,600 crore.

Nexus Select Trust is a listed retail-assets backed REIT (Real Estate Investment Trust). It owns 19 malls across the country.

In a regulatory filing, the company informed that its board has approved the proposal to acquire a 100 per cent equity stake in GICPL, which owns a 5.16 lakh sq ft shopping mall and a 164-key Hyatt Regency Hotel for Rs 1,600 crore.


Both the mall and hotel are currently under construction in Guwahati.

The deal marks its entry into northeast India.

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.

The total consideration comprises a combination of cash and unit swap.

"The proposed acquisition is in line with the business objectives of the Trust and 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," the company said in the filing.