The acquisition, structured as a business and asset transfer to a special purpose vehicle (SPV), Select Infrastructure Pvt. Ltd, will give Nexus Select Trust control of the MBD Complex. The deal consolidates the trust’s presence in Punjab and Chandigarh, according to a filing with the NSE (National Stock Exchange) on Thursday.
MBD Neopolis generated ₹68.74 crore in revenue from operations in fiscal year 2024.
The mall houses a hypermarket, multiplex, and kid’s entertainment zone, along with tenants like Max, Forever21, Lifestyle, Pantaloons, MAC, Tommy Hilfiger, Adidas, and Calvin Klein. The 96-room Radisson Blu Hotel has been operational since 2012.
Follows others
This acquisition follows others by Nexus Select Trust in the past year. Earlier this month, it finalized the purchase of Vega City mall in Bengaluru for ₹913 crore. Last year, the trust announced plans to acquire three grade-A malls in Hyderabad from Larsen and Toubro (L&T) for ₹1,000 crore. In October, the Reit raised ₹1,000 crore through non-convertible debentures (NCDs) at a 7.70% coupon rate, earmarked for acquisitions and general corporate purposes.
Nexus Select Trust, India’s first publicly listed retail Reit, now holds a portfolio of 18 grade-A malls spanning 10.4 million square feet across 14 Indian cities, along with two hotels (354 keys) and three office assets. These properties house over 1,000 domestic and international brands in more than 3,000 stores.
In FY24, the company leased 1.1 million square feet of space, saw tenant sales grow 13% year-on-year, and reported a 16% year-on-year increase in net operating income to ₹1,600 crore.
Dalip Sehgal, executive director and chief executive officer of Nexus Select Trust, commented that the acquisition strengthens their leadership in North India’s retail market.
“With our existing presence in Chandigarh and Amritsar, this strategic acquisition reinforces our commitment to expanding high-quality retail destinations in and around the hilly tourist destinations of Punjab,” he said. “This acquisition aligns with our vision to redefine urban consumption spaces and deliver exceptional value to our stakeholders. We look forward to seamlessly integrating MBD Neopolis Mall into our portfolio and enhancing its appeal for brands and consumers alike.”
