NEW DELHI: Realty firm Nexus Select Trust will acquire 50 per cent stake in an upcoming mall in Mumbai for Rs 434 crore as part of its expansion plan.
In a regulatory filing on Monday, Nexus Select Trust, a REIT sponsored by Blackstone, said it has entered into a tie-up for an under-construction development.
“The REIT has agreed to acquire a 50 per cent stake in the upcoming Nexus Runwal Gardens Mall in Dombivli, part of the Mumbai Metropolitan Region (MMR), to be operated in partnership with Runwal Enterprises,” the filing said.
The proposed mall will span 7.4 lakh sq ft of gross leasing area.
Nexus Select Trust will acquire 50 per cent equity shareholding in the Garden City Malls Pvt Ltd, a wholly owned subsidiary of M/s. Runwal Residency Pvt Ltd.
“Purchase consideration of Rs 434 crore with an overall enterprise value of Rs 892 crore (includes estimated closing costs), subject to closing adjustments. Based on estimated 4,67,000 sq ft net leasable area,” the filing said.
Nexus Select Trust’s portfolio comprises 19 malls with a gross leasable area of 10.7 million sq ft spread across 15 cities in India, three hotel assets (450 keys) and three office assets with a gross leasable area of 1.3 million sq ft.
Mumbai-based Runwal Enterprises has delivered 15 projects spanning 11.14 million sq ft. It is executing 25 ongoing projects totalling 17.39 million sq ft. The company has a pipeline of 32 upcoming projects.
