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

PM to Lay Foundation of NTPC’s 2,800 MW Nuclear Project in Rajasthan

Prime Minister Narendra Modi will soon lay the foundation stone of a 2,800 Megawatt (MW) nuclear power project in Banswara, Rajasthan. The project, a joint initiative between NTPC Ltd and Nuclear Power Corporation of India (NPCIL), will mark NTPC’s foray into nuclear energy generation.The project will feature four Pressurised Heavy Water Reactors (PHWRs) of 700 MW each. The first unit is expected to be commissioned in 2031, with the subsequent three units coming online at six-month intervals. Most of the material required for the project will be sourced from domestic contractors through comp..

Next Story
Infrastructure Transport

Maharashtra CM Fadnavis Inaugurates New Amalner-Beed Railway Line

Maharashtra Chief Minister Devendra Fadnavis on Wednesday inaugurated the long-awaited Amalner-Beed railway line in Beed district and flagged off the inaugural train service from Beed to Ahilyanagar. The project, seen as a historic milestone for Marathwada, fulfils a decades-old demand of the region’s residents.Speaking at the ceremony, CM Fadnavis described the launch as a “dream come true” for Beed. He paid tribute to the late Gopinathrao Munde and former MP Kesharkaku Kshirsagar, crediting their vision and relentless efforts towards realising the project.“Today, the railway dream of..

Next Story
Infrastructure Energy

Nawgati Partners with Seed Group to Modernise UAE Fuel Retail

Nawgati, India’s leading fuel-tech platform, has partnered with Seed Group, part of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to transform the UAE’s fuel retail and station management sector. The tie-up will deploy digital solutions to ease congestion, improve compliance, and enhance operational efficiency across outlets. Vaibhav Kaushik, Co-founder and CEO of Nawgati, said, “This partnership with Seed Group marks a significant milestone in Nawgati’s journey as we step out of India and into global markets. With Seed Group’s regional leadership and our technology, ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?