Nexus evaluating 3 mall buys in eastern India

Kolkata, Dec 5 (PTI) Nexus Select Trust is evaluating three mall acquisitions in eastern India as part of its expansion plans, a senior official said on Friday.

Nexus Select Trust president Jayen Naik said the east remains a "priority market", and the three assets currently under the radar could significantly strengthen the REIT's footprint.

Nexus is India's first publicly listed retail Real Estate Investment Trust (REIT), which owns, operates, and invests in shopping malls and other urban consumption centres.

Kolkata's South City Mall, though not part of the Nexus portfolio yet, is held under sponsor company Blackstone and may eventually be folded into the REIT after restructuring of a broader acquisition that includes Sri Lankan and Dubai realty projects, another official said.

Currently, only one mall in Bhubaneswar is under the Nexus portfolio in the east, he said.

South City Mall, one of Kolkata's largest with 8 lakh sq ft and 160 brands, is being readied for a major upgrade under the new ownership. Nexus plans to invest over Rs 10 crore in self-funded capex over the next 18 months to improve infrastructure, retail mix, and introduce new technology features, he said.

The trust is preparing to roll out its 'NexusONE' app at the property within six months to offer digital navigation, personalised offers, loyalty integration and other enhancements, the official said.

A 500-kw rooftop solar plant has been planned with a target for completion by March 2026, he said.

Nexus Select Trust, which has a total of 19 malls across 15 cities in its portfolio with a market cap of around Rs 24,000 crore, is aiming to increase the figure to over 30 by 2030. PTI BSM SOM