Vanguard Group acquires Nexus Select Trust for Rs 1.58 billion

16 Aug 2024 CW Team

Vanguard Group, a leading investment management firm, purchased more than 11.4 million units of Nexus Select Trust, India?s first retail-focused real estate investment trust (REIT), for Rs 1.58 billion through open market transactions. Concurrently, Morgan Stanley sold its stake in the company. According to data from the National Stock Exchange (NSE), the US-based Vanguard Group acquired 1,14,50,476 units of Nexus Select Trust, representing a 0.75% stake, at an average price of Rs 138.42 per unit, bringing the transaction's total value to Rs 1.58 billion. Morgan Stanley Asia Singapore, on the other hand, sold 7.841 millionunits of the REIT at an average price of Rs 138.33 per unit, totalling Rs 1.08 billion. Despite selling a significant portion of its stake, Morgan Stanley also bought 3,003 units of Nexus Select Trust. Following these transactions, Nexus Select Trust units saw a 1.16% increase, closing at Rs 138.01 per unit on the NSE. This comes after global investment firm Blackstone sold 315.5 billion units in Nexus Select Trust last week, raising approximately Rs 43.54 billion as part of its strategy to monetise its real estate portfolio. Domestic mutual funds like ICICI Prudential Mutual Fund and HDFC Mutual Fund, along with international companies including Wells Fargo and Morgan Stanley, acquired stakes in the REIT. French asset management firm Carmignac also invested in Nexus Select Trust. Nexus Select Trust's portfolio includes 17 shopping malls with a gross leasable area of 9.9 million square feet across 14 cities, along with two hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 million square feet. (ET)

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..