Nexus Select Trust Acquires Bengaluru's Vega City Mall for Rs 9.13 billion

14 Feb 2025 CW Team

Blackstone-backed Nexus Select Trust, India's first retail real estate investment trust (REIT), has completed the acquisition of Vega City Mall in Bengaluru for Rs 9.13 billion, as announced in a regulatory filing on February 13. The total enterprise value of the acquisition includes a purchase price of Rs 8.69 billion and additional costs for planned capital expenditures, including renewables and closing costs.

With this acquisition, Nexus Select Trust now owns four malls in Bengaluru, totaling 1.7 million square feet, and six malls across Karnataka, with a combined portfolio of 2.7 million square feet. The company has plans to double its mall portfolio over the next five years. The Nexus Select Trust portfolio currently consists of 18 Grade-A shopping malls across 10.4 million square feet in 14 cities, along with two hotels (354 keys) and three office assets, offering a Gross Leasable Area of 1.3 million square feet.

Vega City Mall, located in South Bengaluru, is 96% leased to a diverse mix of both international and domestic brands. This acquisition further strengthens Nexus Select Trust's position in the retail real estate sector, aligning with its strategy to expand its high-quality asset portfolio.

In a separate transaction, Blackstone, which holds a 43 per cent stake in Nexus Select Trust, sold 330 million units of the REIT for approximately Rs 45.50 billion in August 2024. This sale was part of Blackstone's strategy to monetize its real estate holdings in India.

News source: Hindustan Times

Real Estate

04 Sep 2025

Mumbai Records 11,230 Property Deals in August 2025

Mumbai’s property market remained resilient in August 2025, with 11,230 property registrations recorded under the Brihanmumbai Municipal Corporation (BMC) jurisdiction, according to data released by Knight Frank India. While this marks a 3 per cent year-on-year (YoY) decline compared to 11,631 registrations in August 2024, activity stayed robust despite the marginal dip.On a month-on-month (MoM) basis, registrations fell 11 per cent from 12,579 deals in July 2025, indicating seasonal moderation. However, the city’s stamp duty collections still reached Rs 10 billion, reflecting a 6 per cent..

68 Jammu-Katra Trains Cancelled Amid Rain Damage

Jammu and Katra railway services remain severely affected as Northern Railway announced the cancellation of 68 trains—both incoming and outgoing—until 30 September, due to extensive track damage caused by heavy rains and flash floods. Meanwhile, 24 trains are scheduled to resume operations gradually.The Jammu railway division has experienced a complete halt in services for the past eight days, following track misalignment and breaches at several points along the Pathankot–Jammu section. Torrential rainfall since 26 August led to widespread flooding and damage, stranding hundreds of passe..

Bangalore Metro MD Reviews Reach 6 and Phase 2A Progress

Bangalore Metro Rail Corporation Limited (BMRCL) Managing Director, Dr J Ravishankar, IAS, conducted inspections of key metro corridors on 29 and 30 August, reviewing the progress of Reach 6 (Pink Line) and Phase 2A (Blue Line).On 30 August, the inspection covered Reach 6, a 21.39-km corridor stretching from Kalena Agrahara to Nagawara, with 18 stations. This stretch is part of Phase 2 of the Bangalore Metro project. Dr Ravishankar assessed the status of civil works, finishing, track laying, and system integration between Kalena Agrahara and MG Road.Earlier, on 29 August, the MD inspected Phas..