+
Nexus Select Trust to acquire Vega City Mall in Bengaluru for Rs 8.77 Bn
ECONOMY & POLICY

Nexus Select Trust to acquire Vega City Mall in Bengaluru for Rs 8.77 Bn

Nexus Select Trust, a REIT backed by rent yielding retail assets, will acquire a shopping mall in Bengaluru for Rs 8.77 billion. According to the latest regulatory filing, the Board of Directors of Nexus Select Mall Management Pvt Ltd -- the manager to Nexus Select Trust -- has approved the acquisition of Vega City Mall in Bengaluru.

The asset consist of a fully functional mall having a total area of 0.45 million sq ft from Blue Horizon Hotels as well as land on which the mall is constructed, presently owned by A S Muniswamy Raju HUF, for a total purchase consideration not exceeding Rs 8.77 billion or for a consideration as may be mutually agreed by the parties to the transaction.

The acquisition by Nexus Select Trust will be through its special purpose vehicle Vijaya Productions Pvt Ltd.

The deal is subject to execution of the transaction documents and fulfilment of customary and commercially agreed closing conditions. Vijaya Productions Pvt Ltd will be paying cash consideration for acquisition of the mall and the land. The deal is expected to conclude next week.

The land, currently owned by the A S Muniswamy Raju HUF, has been leased to the Blue Horizon Hotels Pvt Ltd under a leasing arrangement. "With this proposed acquisition, Nexus Select Trust, will consolidate its presence in Bengaluru and aim to benefit from embedded upsides from potential operational synergies," the filing said.

Nexus Select Trust's portfolio comprises 17 shopping malls with a gross leasable area of 9.9 million sq ft spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 mn sq ft. Its retail real estate assets have a tenant base of 1,000+ domestic and international brands spanning across around 3,000 stores

Nexus Select Trust, a REIT backed by rent yielding retail assets, will acquire a shopping mall in Bengaluru for Rs 8.77 billion. According to the latest regulatory filing, the Board of Directors of Nexus Select Mall Management Pvt Ltd -- the manager to Nexus Select Trust -- has approved the acquisition of Vega City Mall in Bengaluru. The asset consist of a fully functional mall having a total area of 0.45 million sq ft from Blue Horizon Hotels as well as land on which the mall is constructed, presently owned by A S Muniswamy Raju HUF, for a total purchase consideration not exceeding Rs 8.77 billion or for a consideration as may be mutually agreed by the parties to the transaction. The acquisition by Nexus Select Trust will be through its special purpose vehicle Vijaya Productions Pvt Ltd. The deal is subject to execution of the transaction documents and fulfilment of customary and commercially agreed closing conditions. Vijaya Productions Pvt Ltd will be paying cash consideration for acquisition of the mall and the land. The deal is expected to conclude next week. The land, currently owned by the A S Muniswamy Raju HUF, has been leased to the Blue Horizon Hotels Pvt Ltd under a leasing arrangement. With this proposed acquisition, Nexus Select Trust, will consolidate its presence in Bengaluru and aim to benefit from embedded upsides from potential operational synergies, the filing said. Nexus Select Trust's portfolio comprises 17 shopping malls with a gross leasable area of 9.9 million sq ft spread across 14 cities in India, two complementary hotel assets (354 keys) and three office assets with a gross leasable area of 1.3 mn sq ft. Its retail real estate assets have a tenant base of 1,000+ domestic and international brands spanning across around 3,000 stores

Next Story
Infrastructure Energy

Tata Power, Suzlon Ink Rs 60 Billion Wind Energy Deal in Andhra

Tata Power has signed an agreement with Suzlon Energy to develop, construct, and supply 700 megawatt (MW) wind turbines in Andhra Pradesh. The Rs 60 billion project forms part of a 7 gigawatt (GW) renewable energy plan announced by Tata Power Renewable Energy (TPREL) and the state government in March 2025.This marks the first wind energy project in the state since 2019. The larger 7 GW programme, covering solar, wind, and hybrid projects with or without storage, is expected to attract investments of around Rs 490 billion, making it one of the state’s largest clean energy commitments.The turb..

Next Story
Infrastructure Transport

Odisha Approves Rs 12.6 Billion For 32 New Bridges

Odisha is set for a major infrastructure boost with the approval of 32 new bridges under the Setu Bandhan Yojana for FY 2025–26. The project, valued at Rs 12.6 billion, is aimed at improving road connectivity across ten districts, enhancing mobility and driving local development.The bridges will be constructed in Bolangir, Subarnapur, Nayagarh, Sambalpur, Malkangiri, Bargarh, Koraput, Jagatsinghpur, Cuttack, and Puri. Many of these areas are rural or located in difficult terrains, where improved accessibility will greatly benefit the transportation of goods and public mobility.Setu Bandhan Y..

Next Story
Infrastructure Transport

UP Plans Rs 350 Billion Gorakhpur–Shamli Expressway

Uttar Pradesh is preparing to build its largest expressway, a 700-km six-lane project that will surpass the 570-km Ganga Expressway from Meerut to Prayagraj. Designed as a greenfield project, the Gorakhpur–Shamli Expressway will cut travel time between eastern and western Uttar Pradesh to just six hours, transforming regional connectivity.The expressway will pass through 22 districts and 37 tehsils, bringing faster travel and significant economic benefits, including higher land values for farmers and employment opportunities during and after construction. A drone survey to map the route is e..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?