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)

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