The potential deal will comprise the E-Galleria mall in Moosarambagh, L&T Metro Mall in Punjagutta, and the Next Galleria Mall near Irrum Manzil, the people said. “Nexus has been assessing these assets for several months and has recently finalised the letter of intent (LOI) for the three malls. The deal is expected to be concluded in the coming months,” said one of the persons cited above.
Nexus Select Trust has formally sought approval from the Telangana government to conclude the deal. “The deal is awaiting approval from the Telangana government, with expectations of it being granted in the next few weeks. After receiving the necessary approvals, Nexus will proceed with the formal signing and execution of the deal,” a second person said. Nexus Select Trust and Blackstone declined to comment.
Nexus Select Trust, a global investment firm, has been expanding its retail portfolio in India. Last year, it included the Select City Walk mall in New Delhi as part of its assets before pursuing a real estate investment trust (REIT) listing. In total, Nexus Select Trust has acquired 17 shopping malls since FY16 and intends to continue growing its business inorganically.
Despite global challenges, India has emerged as one of the most promising consumer markets, indicating heightened retailers’ interest in new setup, expansion and store upgradation. The retail sector reported record leasing of 7.1 million sq ft across 6 cities in 2023, marking a 47% rise, as per property consultancy CBRE.
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