Nexus to add three malls in portfolio with an investment of Rs 1,000 crore
fashion brands is a matter of concern as they contribute 50% of the business of Nexus Select Trust which operates 17 malls across the country with over 10 million sq ft of space, Dalip Sehgal, Executive Director and Chief Executive Officer told ET.
Blackstone backed India’s first publicly listed retail Real Estate Investment Trust (REIT) is looking to invest Rs 1,000 crore in acquiring three malls in Hyderabad to take the total portfolio to 20 malls and 11 million sq ft.
“The way fashion brands are doing is a matter of concern for us but other category such as electronics and beauty are growing by 18-20% and helped us in achieving the target. In fashion segment also, some of the D2C brands are doing really well so the existing brands need to reinvent and I believe the second half of the year will be better,” said Sehgal.
Malls that Nexus is in the final stages to acquire include the E-Galleria mall in Moosarambagh, L&T Metro Mall in Punjagutta, and the Next Galleria Mall near Irrum Manzil.
Nexus Select Trust has formally sought approval from the Telangana government to conclude the deal.
Nexus Select Trust outperforms full-year FY24 guidance on the back of strong leasing and consumption momentum and achieved Rs 120 billion sales 13% YoY growth in FY24.
The footfall has also grown by 7% against 0% in the previous year.
“We are expecting 9% net operating income growth in FY25 and this excludes the income from malls that we will add in the portfolio this year. We will continue to add 1-1.5 million sq ft every
