Nexus Trust Expands Mall Portfolio Amid Southern India's Retail Boom

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In a bid to capitalize on the flourishing retail sector in southern India, Nexus Select Trust, India's leading retail real estate investment trust (REIT) backed by Blackstone, is gearing up for further expansion. Jayen Naik, the Chief Operating Officer of Nexus, revealed the company's plans to bolster its presence in the southern region by acquiring approximately 1 million square feet (msf) of mall space in one of the metro cities.

Naik indicated that discussions are underway, with an official announcement expected in the first quarter of FY25. Additionally, Nexus aims to fortify its foothold in southern cities by integrating additional Grade A malls into its portfolio. The impending acquisition aligns with the company's strategy to augment its retail space by 1.5 msf annually.

Established in 2015, Nexus currently manages 17 malls spanning 10 msf. Last year, the company made significant strides by successfully launching a Rs 3,200 crore initial public offering (IPO), signaling its commitment to growth and expansion.

Naik emphasized a strategic shift towards acquiring brownfield projects, underscoring the company's readiness to seamlessly integrate acquired malls into its existing structure. With ambitious plans to double its mall portfolio to 20 msf over the next 3-5 years, Nexus Trust is poised for a robust expansion trajectory in India's thriving retail real estate sector.