Nexus Select Trust acquires Ludhiana complex for Rs 531 crore

Nexus Select Trust has acquired the MBD Complex in Ludhiana, which includes a shopping mall as well as a hotel, for a total enterprise value of Rs 531 crore.

“As we continue expanding our footprint in North India, we’re proud to welcome Nexus MBD Neopolis to our growing portfolio- our fifth acquisition in the region,” announced Nexus Select Trust on its Facebook page. “Our retail portfolio now stands at 19 malls across 15 cities nationwide.”

The acquisition is designed to expand both the business’ retail and hospitality footprint in northern India, according to a regulatory filing accessed by Indian Retailer Bureau. The Grade-A commercial asset spans approximately 0.3 million square feet and includes a shopping mall with an occupancy rate of around 95%, alongside a 96-key Radisson Hotel. 

The Rs 531 crore enterprise value comprises a purchase consideration of Rs 490 crore, stamp duty, closing costs, and a provision for planned capital expenditure. According to the filing, the trust plans to invest in renovations for the hotel and enhancements to the shopping mall as part of its value creation strategy.

Nexus Select Trust is India’s first publicly listed retail REIT. The business’ portfolio has a total gross leasable area of 10.6 million square feet across 15 cities, along with three hotel assets comprising 450 keys and three office assets spanning 1.3 million square feet.