Nexus Select Trust, a listed retail Real Estate Investment Trust (REIT), backed by Blackstone announced on Monday 23rd February its first ever strategic tie-up for an under-construction development. | File Image
Mumbai: Nexus Select Trust, a listed retail Real Estate Investment Trust (REIT), backed by Blackstone announced on Monday 23rd February its first ever strategic tie-up for an under-construction development. It has agreed to acquire a 50% 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 proposed mall will span ~7.3 Lac sq. ft. GLA (gross leasable area). The development will be undertaken through a special purpose vehicle, with Runwal’s development.Embedded Consumption BaseThe proposed mall is located at the entry of Runwal Garden Citytownship, which will house approximately 30,000 residential units, with nearly 5,000 families already residing within the development, creating an embedded consumption base. The asset is strategically positioned within a rapidly transforming infrastructure corridor, like Metro connectivity (Manpada station ~100m away), Airoli–Katai tunnel, Mumbai–Ahmedabad bullet train station (within 2 km) and Virar–Alibaug Multimodal Corridor.
Dalip Sehgal, Executive Director and Chief Executive Officer, Nexus Select Trust, said, “This tie-up is a beginning of a new chapter, with this first under construction transaction since listing. Over the past decade, we have built the country’s largest portfolio of institutional-grade retail assets through disciplined acquisitions, operational excellence and a clear understanding of where India’s consumption growth is headed — scaling from two malls to 19 best-in-class assets across the country.“
Structurally De-Risked”With this tie-up, we are extending the strategy into a structurally de-risked this opportunity, backed by a strong township ecosystem, transformational connectivity and a rapidly expanding catchment. Importantly, the structure allows us to participate in long-term value creation while maintaining prudent capital discipline and full operational control. We see this as more than a mall. It is an opportunity to establish a benchmark for how large-format retail can anchor emerging urban corridors and create sustainable, long-term value for brands, consumers and our unitholders.“
Subodh Runwal, Chairman and MD, Runwal Enterprises,said, “This strategic tie-up reflects our long-term commitment to creating integrated, future-ready communities anchored by strong retail infrastructure. The scale of Runwal Garden City, combined with transformational connectivity across metro, high-speed rail and multimodal corridors, positions this development to serve one of the fastest-growing consumption corridors in the region.“To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/