Blackstone Group-owned Nexus Malls on November 17, 2022, filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to launch India’s first public issue of retail REIT to raise around $500 million.
This will be the third REIT sponsored by Blackstone, the first two being Embassy Office Parks REIT and Mindspace Business Parks REIT.
According to the draft prospectus, the IPO will have shares worth $195.94 million. To be called Nexus Select Trust, the REIT is expected to hit the Indian market in H1CY23.
The Nexus Select Portfolio, one of India’s largest shopping mall platforms, has 17 shopping malls present in 14 cities in India, including Bangalore, Chandigarh, Delhi, Indore and Navi Mumbai. Valued at around $3 billion, they occupy an area of around 10 million sqft.
Part of the REIT is South Delhi’s Select Citywalk Mall, with 3,000 stores. Assets acquired by Blackstone from Prestige Group-7 malls in Bangalore will also be part of the REIT.
Dalip Sehgal, CEO of Nexus Malls, will head the REIT while Nexus Select Mall Management Pvt Ltd will be the manager of the REIT.
See also: Brookfield India REIT income up by 48%
