Nexus Select Trust is gearing up for a major expansion drive in eastern India as it evaluates three mall acquisitions, a move that could sharply increase its presence in a region where it currently has only one operational asset.
Jayen Naik, president (operations) of Nexus Select Trust, said the east remains a priority and the board has already cleared due diligence on three shortlisted properties. While he declined to disclose names, industry sources say one of the assets under evaluation is Diamond City North on Jessore Road, with a deal size expected to be around Rs 600 crore.
Nexus Select Trust is India’s first publicly listed retail-focused REIT, backed by private equity major Blackstone. It owns 19 malls across 15 cities, including Forum-branded centres in the south and large-format retail destinations in the north and west. In the east, however, the REIT currently operates only one mall in Bhubaneswar, making its expansion plan a significant shift in strategy.
Calcutta’s South City Mall, one of the biggest and best-known retail hubs in eastern India, is held under Blackstone and not yet part of the Nexus REIT portfolio. However, officials said the property may eventually be folded into the trust once restructuring of a broader Blackstone acquisition — including assets in Sri Lanka and Dubai — is completed.
Even before that happens, South City is being prepared for a major upgrade drawing on Blackstone’s global experience in retail asset management. The 8-lakh-sq-ft mall, home to more than 160 brands, will undergo a comprehensive makeover over the next 18 months. The capex, expected to cross Rs 10 crore, will focus on improving interiors, reworking retail zoning, refreshing the façade and adding new digital features.
The renovation will be carried out without shutting down the mall. “We usually step in when a mall reaches the eight-to-ten-year mark and take it to the next level. The same approach will be used here,” Naik said. Amit Kumar, executive director of South City Mall, said the aim is to upgrade a property that is “already among the top five in India”.
As part of the revamp, the REIT plans to introduce new customer-centric features including a loyalty programme and the ‘NexusONE’ app, which will offer digital navigation, personalised offers and integrated rewards. The app is slated to go live at the mall within six months. Other upgrades will include “pink” parking for women, dedicated bays for pregnant women and geotagging assistance to help shoppers locate cars inside the parking area.
A 500-kW rooftop solar plant is also planned, with commissioning targeted by March 2026.
Nexus Select Trust, which has a market cap of over Rs. 24,000 crore, aims to expand its portfolio to more than 30 malls by 2030. With the latest set of acquisitions, the REIT expects to triple its owned portfolio in eastern India to nearly 1.5 million square feet, marking one of its strongest expansion moves in recent years.
