New Delhi, February 23 Real estate firm Nexus Select Trust will acquire a 50 per cent stake in a new mall in Mumbai for ₹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 an agreement for a development project under construction.
"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 cover an area of 7.4 lakh square feet.
Nexus Select Trust will acquire a 50 per cent equity stake in Garden City Malls Pvt Ltd, a wholly-owned subsidiary of M/s. Runwal Residency Pvt Ltd.
"The purchase consideration is ₹434 crore, with an overall enterprise value of ₹892 crore (including estimated closing costs), subject to closing adjustments. Based on an estimated net leasable area of 4,67,000 sq ft," 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 completed 15 projects spanning 11.14 million sq ft. It is currently executing 25 ongoing projects totaling 17.39 million sq ft. The company has a pipeline of 32 upcoming projects.
