Nexus Select Trust

What Nexus Select Trust does

Nexus Select Trust is India's first publicly listed retail Real Estate Investment Trust (REIT), sponsored by Blackstone through Wynford Investments Limited and listed on NSE (NXST) and BSE (543913) on May 19, 2023. The REIT owns and operates a portfolio of 19 Grade A urban consumption centres spanning approximately 10.7 million square feet across 15 Indian cities, complemented by three hotel assets (~450 keys) and three office assets (~1.3 million sq ft at 94% occupancy). The trust serves a dual customer base: institutional and retail investors (4.25 lakh+ unitholders) seeking exposure to India's organized retail real estate growth, and approximately 1,100 domestic and international brands operating across 3,200+ stores that lease Grade A retail space in high-footfall urban locations. The platform is managed by Nexus Select Mall Management Private Limited, with Blackstone Senior Managing Director Asheesh Mohta as Chairman.

The company's revenue model is anchored in recurring rental income from retail mall leasing (base rent with turnover rent components for higher-productivity tenants), supplemented by hotel operations and office leasing. Portfolio occupancy has been maintained at 97% for 12 consecutive quarters, with FY26 tenant sales exceeding INR 143 billion and 137 million+ annual footfalls validating demand intensity. Capital return to unitholders occurs through quarterly distributions, with 11 consecutive quarters of 100% Net Distributable Cash Flow payout totaling INR 3,700 crore cumulative since listing, generating 14.2% CAGR and 75%+ total returns to unitholders. Distribution mechanics involve dividend, interest, SPV-level debt amortization, and other income components.

Nexus pursues a "buy, fix, premiumise" acquisition strategy, targeting underperforming retail assets for upgrade and re-leasing at higher rents rather than greenfield development. The platform is actively scaling through acquisitions and joint ventures, with plans to nearly double the portfolio to 30-35 malls over five years. Recent moves include entry into Eastern India (Diamond Plaza Kolkata, INR 347.5 crore), first under-construction JV (Runwal Gardens Dombivli, INR 434 crore for 50%), Chandigarh densification (Elante INR 253.7 crore), and pending Guwahati mixed-use acquisition (~INR 1,300 crore). Capital structure features conservative 18% Loan-to-Value leverage and sustainability-linked financing (INR 700 crore IFC-anchored bond, INR 550 crore debentures) tied to net zero by 2030 targets.

Name

Nexus Select Trust

Legal name

Nexus Select Trust

Website

https://nexusselecttrust.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Nexus Select Trust is India's first publicly listed retail REIT, operating 19 Grade A malls across 15 cities totaling ~10.7 million sq ft. Sponsored by Blackstone, it serves over 4.25 lakh unitholders through recurring quarterly distributions tied to India's organized retail growth.

Ownership category

akta.pro rank

Product category

Retail REIT (Real Estate Investment Trust)

NAICS

Trusts, Estates, and Agency Accounts (52592), Other Financial Vehicles (52599)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Directed Trust & Trust Advisory Services (FSAAANAK)

Keywords

• Retail REIT
• Shopping mall operations
• Commercial real estate leasing
• Urban consumption centres
• Property investment trust

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Mall Leasing: Nexus Select Trust generates rental income from leasing retail space to domestic and international brands across its 19 shopping malls. The tenant base comprises approximately 1,100 brands across 3,200+ stores. Occupancy rates are maintained at 97%, and rent is typically structured as fixed base rent with turnover rent components for higher productivity tenants.
2. Hotel Operations: The REIT operates three complementary hotel assets with approximately 450 keys, generating hospitality revenue including room rentals, food and beverage, and other hotel services.
3. Office Leasing: Three office assets with approximately 1.3 million square feet of gross leasable area generate rental income from office tenants, with 94% occupancy maintained.
4. Sustainability-Linked Financing: The company raised INR 700 crore through a 10-year sustainability-linked bond with IFC as anchor investor, linking financing costs to sustainability targets including net zero emissions by 2030.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Nexus Select Trust owns, leases, and operates a portfolio of 19 Grade A urban consumption centres (shopping malls) spanning 10.7 million square feet across 15 Indian cities, housing approximately 1,100 domestic and international brands across 3,200+ stores at 97% occupancy. The REIT also operates three hotel assets (~450 keys) and three office assets (~1.3 million square feet) as complementary mixed-use properties, generating recurring rental and hospitality income distributed quarterly to unitholders.

Product overview

Nexus Select Trust operates as India's first publicly listed retail REIT, offering a unified investment platform that owns and manages 19 Grade A urban consumption centres (shopping malls) spanning 10.7 million square feet across 15 Indian cities, complemented by 3 hotel assets (450 keys) and 3 office assets (~1.3 msf). The core product provides individual investors access to institutional-grade retail real estate, generating rental income through approximately 1,100 domestic and international brands across 3,200+ stores. Individual mall sub-brands (Nexus Seawoods, Nexus Select CityWalk, Nexus Elante Complex, Nexus Ahmedabad One, Nexus Westend Complex, Nexus Whitefield, Nexus Koramangala, Nexus Shantiniketan, Fiza by Nexus, Nexus Celebration, Nexus Esplanade, Treasure Island, Nexus Indore Central, Nexus Centre City, Nexus Hyderabad, Nexus Vijaya Complex, Nexus Amritsar) operate under the unified Nexus brand while maintaining local market positioning. Additional modules include hotel and office assets for mixed-use synergies, plus ESG services for sustainability-linked financing.

Differentiator

Problem solved

Functional benefit

Products and services

• Nexus Select Trust (REIT Units) Listed REIT units offering individual and institutional investors exposure to India's organized retail real estate sector through a professionally managed portfolio with quarterly distributions.
• Urban Consumption Centres (Retail Mall Portfolio) 19 Grade A shopping centres spanning 10.7 million square feet across 15 Indian cities, housing approximately 1,100 domestic and international brands across 3,200+ stores at 97% occupancy, generating rental income from retail tenants.
• Hotel Assets Three complementary hotel assets providing approximately 450 keys as part of the mixed-use property portfolio, generating hospitality revenue including room rentals, food and beverage, and other hotel services.
• Office Assets Three office assets with gross leasable area of approximately 1.3 million square feet operating alongside the retail consumption centres at 94% occupancy, generating rental income from office tenants.
• Nexus Seawoods India's largest transit-oriented development spread across 1.0 million sq. ft. in Navi Mumbai, housing over 280 domestic and international brands at 98% occupancy.
• Nexus Select CityWalk Recognized as one of India's highest performing assets based on Tenant Sales Per Square Foot, featuring 0.5 million sq. ft. in Delhi with multiple 'India First' international brands.
• Nexus Elante Complex 1.3 million sq. ft. campus in Chandigarh with Hyatt Regency Hotel and office area, featuring over 260 domestic and international brands at 94.4% occupancy.
• Nexus Ahmedabad One Largest Urban Consumption Centre in Gujarat spread across 0.9 million sq. ft. with 96% occupancy and 250+ brands.
• Nexus Westend Complex 0.4 million sq. ft. retail complex in Pune showcasing F&B brands, domestic and international brands along with 8-Screen Cinepolis, adjacent to Westend Icon Offices of 1.0 million sq.ft.
• Nexus Whitefield 0.3 million sq. ft. mixed-use Grade-A Urban Consumption Centre in Bengaluru with Oakwood Residence, hosting 110+ retail brands and health-focused activities.
• Nexus Koramangala 0.3 million sq. ft. mall in Bengaluru close to affluent residential catchments and IT hub, featuring 100+ domestic and international brands with premium shopping and entertainment.
• Nexus Shantiniketan 0.6 million sq. ft. mall in Bengaluru housing 120+ domestic and international retail brands, over 30 dining options, and a 4-level microbrewery.
• Fiza by Nexus 0.7 million sq. ft. shopping destination in Mangaluru, serving as a go-to shopping stop for people in coastal Karnataka.
• Nexus Celebration 0.4 million sq. ft. retail centre in Udaipur featuring traditional palatial architecture with exclusive International and Domestic brands.
• Nexus Esplanade 0.4 million sq. ft. first sizeable Urban Consumption Centre in Odisha (Bhubaneswar), home to 100+ domestic and international brands with 99% leasing occupancy.
• Treasure Island Central India's first Urban Consumption Centre spread across 0.4 million sq. ft. with 80+ premium brands, serving as a popular shopping and entertainment destination.
• Nexus Indore Central 0.2 million sq. ft. premium shopping and entertainment destination in the heart of Indore.
• Nexus Centre City Mysuru's first full-fledged Urban Consumption Centre with 0.3 million sq. ft. featuring 110 premium and international brands.
• Nexus Hyderabad 0.8 million sq. ft. mall in Kukatpally, Hyderabad, housing brands including Zara, Sephora and R&B with city-exclusive stores.
• Nexus Vijaya Complex 0.7 million sq. ft. Grade A Urban Consumption Centre in Chennai (Vadapalani) with 0.2 million sq. ft. office area, attracting footfalls due to location amidst film studios and residential catchments.
• Nexus Amritsar 0.5 million sq. ft. world-class shopping destination in Amritsar housing 150+ brands including iconic, global, national and local brands, targeting tourists.

Quantifiable outcome

• 97% occupancy maintained for 12 consecutive quarters
• +4 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered major and core.

• Galaxy GroupmajorStrategic or Co-development Partner · 10 May 2026Nexus Select Trust is in final stages to acquire Galaxy Group's mixed-use property in Guwahati for approximately ₹1,300 crore. The 1.2 million sq ft asset under construction features retail, hotel, and office components. Acquisition aligns with Nexus's strategy to double mall portfolio from 19 to 30-35 by 2030 and expand into Tier-2 cities.
• Super Diamond Enterprises (Diamond Plaza Mall)majorStrategic or Co-development Partner · 7 April 2026Nexus Select Trust approved acquisition of Diamond Plaza mall in Kolkata for ₹347.5 crore through its special purpose vehicle Nexusmalls Whitefield Private Limited. The mall has a gross leasable area of 244,000 square feet, is fully leased, operational since 2011, and located on Jessore Road. FY25 revenue estimated at ₹40.1 crore. Transaction expected to close within one-and-a-half to two months.
• Runwal EnterprisescoreStrategic or Co-development Partner · 23 February 2026Strategic joint venture to develop Nexus Runwal Gardens Mall in Dombivli, Mumbai. Nexus Select Trust acquired 50% stake in the under-construction mall for ₹434 crore at an enterprise value of ₹892 crore. The 7.3 lakh sq ft Grade-A mall is part of Runwal Garden City township with significant infrastructure connectivity including metro, bullet train station, and multimodal corridor. This is Nexus's first partnership in an under-construction retail project since its listing.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Embassy Office Parks REIT: India's first listed REIT, focused on office real estate and sponsored by Blackstone. Comparable as a publicly listed Indian REIT with similar distribution-driven structure, sponsor backing, and institutional investor base, though it operates in the office segment rather than retail.
• Mindspace Business Parks REIT: Indian listed REIT focused on Grade A office parks, sponsored by K Raheja Corp. Comparable listed REIT structure, distribution mechanics, and institutional investor base, though focused on commercial offices rather than retail consumption centres.
• Brookfield India Real Estate Trust: Indian listed REIT focused on commercial office properties, sponsored by Brookfield. Comparable as a publicly listed Indian REIT with similar structure and sponsor-backed acquisition strategy, though concentrated in office rather than retail.
• Phoenix Mills Limited: Indian listed developer and operator of Phoenix MarketCity malls across India. Closest direct mall-operating peer in India with similar Grade A retail mall portfolio, though structured as an operating company rather than a yield-oriented REIT.

Broad incumbents

• DLF Limited: India's largest real estate developer with significant commercial and retail assets. Comparable exposure to Indian retail real estate at scale, though diversified across residential, offices, and retail rather than focused on retail REIT.
• Prestige Estates Projects: Indian real estate developer that previously sold eight malls to Nexus in 2021. Compares as a major Indian developer of retail and mixed-use properties, though operating company rather than REIT structure.
• Link REIT: Hong Kong-listed retail-focused REIT, one of Asia's largest. Comparable as a large, publicly traded, retail-focused REIT in Asia with similar tenant-base-driven rental income model, though operating in a more mature Hong Kong/China market.
• CapitaLand Integrated Commercial Trust: Singapore-listed REIT investing in retail and office properties in Singapore. Comparable Asia-Pacific REIT with retail mall exposure and similar distribution-driven structure, though primarily Singapore-focused.
• Simon Property Group: Largest US REIT focused on retail real estate and outlet centers. Comparable as the global benchmark for retail-focused REITs with similar occupancy, tenant-mix, and rental income model, though operating in the mature US market.

Regional players

• Brigade Enterprises: Indian real estate developer with significant commercial and retail mall assets, primarily in South India. Comparable mall operator in the Indian market, particularly South region where Nexus has Bengaluru concentration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries6 records

Funding overview

Funding rounds3 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nexus Select Trust