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Nexus Select Trust is evaluating three mall acquisitions in eastern India, aiming to expand its presence in a region where it currently operates only one property. Alongside acquisitions, it is planning significant upgrades at South City Mall, including infrastructure improvements, technology enhancements, and a 500 kilowatt rooftop solar project. With 19 malls in 15 cities and a market capitalisation of around INR 24,000 crore, the REIT targets over 30 malls by 2030. These efforts indicate a strategic push to strengthen its footprint and modernise assets.
Nexus Select Trust is actively evaluating the acquisition of three shopping malls in eastern India, reflecting its strategic focus on expanding in the region. Jayen Naik, the company's president for mall operations, noted that the eastern market remains a priority for the REIT, and these assets, once acquired, would substantially increase its regional footprint. Advertisement
Currently, Nexus has only one mall in the east Nexus Esplanade Bhubaneswar. The addition of these three malls would mark a significant expansion for the REIT, which already owns and operates 19 malls across 15 cities. Nexus is India's first publicly listed retail REIT and continues to grow its presence in urban consumption hubs across the country.
Among potential targets, South City Mall in Kolkata, though not yet part of Nexus Select Trust, is owned by its sponsor company, Blackstone. Plans are underway for infrastructure and technology upgrades at this mall, including an investment of over INR?10 crore in the next 18 months to improve retail mix, enhance facilities, and introduce technology enhancements. The REIT also intends to launch its in?house app, NexusONE, within six months, offering features such as digital navigation, personalised offers, and loyalty program integration.
A 500?kilowatt rooftop solar installation at South City Mall is planned, with completion targeted by March 2026. This aligns with Nexus's sustainability goals while modernising its properties. The REIT has set an ambitious target to grow its mall count to over 30 by 2030, with a current market capitalisation of roughly INR?24,000 crore.
These moves reflect a broader strategy to strengthen the REIT's presence in key regional markets and upgrade existing assets to improve customer experience, operational efficiency, and long?term value.
Source PTI
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