Blackstone-backed Nexus Select Trust is close to acquiring two malls in eastern India, aiming to expand its portfolio and boost income through strategic purchases and premiumisation initiatives amidst promising growth trends.
Blackstone-backed Nexus Select Trust is closing in on two mall acquisitions in eastern India and expects to sign definitive agreements within 60 to 90 days, according to Pratik Dantara, the trust’s chief investor relations officer and head of strategy. The deals are still in due diligence, but they would fit into a broader plan to buy two to three assets a year and add roughly ₹125 crore to ₹150 crore of stabilised annual net operating income through acquisitions.
The trust has been steadily building its eastern India presence. Business Standard reported earlier that Nexus was already examining three malls in the region, underscoring the strategic importance of a market where the company has been looking to widen its reach beyond its stronger bases in the North, West and South. Nexus now has an acquisition pipeline of eight assets, Dantara said, though he declined to give the value or income contribution of the latest two targets because of confidentiality agreements.
The expansion comes after Nexus bought Diamond Plaza in Kolkata for ₹347.5 crore in April, a transaction expected to close in the first half of FY27. That purchase lifted its portfolio to 20 malls, and the trust continues to target a much larger footprint: 10.7 million square feet today, spread across 19 consumption centres, with a goal of doubling that scale by 2030.
Funding for future deals is likely to come mainly from debt rather than equity, Dantara said, noting that Nexus’ loan-to-value ratio is about 18%. The trust is also benefiting from strong operating trends. It reported 11% year-on-year growth in net operating income to ₹510 crore in the first quarter of FY27, while quarterly consumption rose 17% to ₹3,850 crore. Dantara said the momentum continued into July, though the trust is keeping its FY27 consumption growth guidance at 8% to 9% until there is more clarity on broader economic conditions. It is also sticking with guidance for 7% to 8% NOI growth and expects net distributable cash flow to land at the upper end of its earlier range of ₹9.8 to ₹10 per unit. Alongside acquisitions, Nexus is seeking to premiumise its malls by increasing the share of jewellery, beauty, watch, eyewear and high-end fashion brands, a move it says should make the portfolio more resilient through economic cycles.
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