Nexus Select Trust nears completion of Ludhiana mall acquisition

Blackstone-backed listed retail Real Estate Investment Trust the Nexus Select Trust is approaching the completion of its acquisition of MBD Neopolis in Ludhiana, a shopping mall and hotel property, at an enterprise value of Rs 490 crore. 

The transaction is expected to be finalised within the next two months and aligns with the company’s strategy to expand its retail real estate portfolio in North India, India Retailing reported. “We have announced acquisition of a shopping mall in Ludhiana,” Nexus Select Trust’s chief operating officer Jayen Naik told the Press Trust of India. “The deal is likely to be completed within the next two months.” 

The acquisition is expected to generate additional rental income of around Rs 40 crore to Rs 45 crore per year. The company is also exploring further acquisitions in North India, including Gurugram and Noida, focusing on both completed malls and near-completion greenfield properties. However, it is not considering malls with strata sales where shops have been sold to individual buyers.

In February, Nexus Select Trust’s board approved the acquisition of MBD Neopolis, Ludhiana, which includes a Grade A mall with an aggregate leasable area of 255,666 square feet and the Radisson Blu Hotel MBD. “Our overall target is to double our retail real estate portfolio to 20 million square feet by 2030,” said Naik.

Nexus Select Trust reported a 6% year-on-year increase in net operating income to Rs 441.6 crore in the third quarter of the 2025 financial year. The company declared a distribution of Rs 332.69 crore to unitholders for the quarter which ended in December.

At the end of December 2024, Nexus Select Trust operated 17 shopping malls or urban consumption centres across 14 cities in India, with a gross leasable area of 9.9 million square feet. The business’ portfolio also includes two hotel assets with 354 keys and three office assets spanning 1.3 million square feet.