Nexus REIT’s share worth ₹4,455 Crore may change hands

9 Aug 2024 , 10:44 AM

According to sources, Blackstone Group plans to offload 21.8% of its share in Nexus Select Trust REIT through a block deal worth ₹4,455 Crore. This deal has a floor price of ₹135 per unit.

Prior to this transaction, Blackstone owned 43.1% of all outstanding REIT units as of June 30, 2024. Following the acquisition, there will be a statutory lock-in term for 15% of Blackstone’s remaining interest until May 2026.

Furthermore, Blackstone has agreed to a voluntary lock-in for the remaining 6.3% ownership for a period of nine months, according to persons familiar with the matter.

Nexus Select Trust posted a 7% y-o-y growth in net operating income at ₹412.7 Crore in the June quarter and expects to raise up to 1,700 Crore through commercial papers and debentures. The company reported a retail net operating income (NOI) of ₹371.9 Crore in April-June, up 8% over the previous year.

Nexus Select Trust’s portfolio includes 17 shopping malls with a total leasable area of 9.9 million square feet spread across 14 Indian cities, two complementary hotel properties (354 keys), and three office assets totalling 1.3 million square feet.

Its retail real estate assets have a tenant base of 1,000+ domestic and international brands across approximately 3,000 stores.

For feedback and suggestions, write to us at [e-mail]