In a significant move to strengthen its portfolio, Nexus Select Trust, India’s pioneering Real Estate Investment Trust (REIT) focused on rent-yielding retail assets, has approved the acquisition of Vega City Mall in Bengaluru for ₹877 crore. This strategic acquisition, announced by the Board of Directors of Nexus Select Mall Management Pvt Ltd, reflects the company’s commitment to expanding its presence in one of India’s most dynamic retail markets. Vega City Mall, with its sprawling 0.45 million square feet of operational space, promises to enhance the trust’s portfolio significantly.
The acquisition will be executed through Vijaya Productions Pvt Ltd, a special purpose vehicle created for this transaction, and is subject to the completion of customary closing conditions. This move not only consolidates Nexus Select Trust’s existing presence in Bengaluru but also positions the trust to leverage operational synergies and enhance overall performance. Currently, the trust boasts a robust portfolio of 17 shopping malls across 14 cities in India, encompassing 9.9 million square feet of gross leasable area, alongside two hotels and three office spaces. With a diverse tenant mix of approximately 1,000 domestic and international brands, Nexus Select Trust is poised for continued growth in the retail sector.
The retail landscape in India is witnessing a transformative phase, particularly in metropolitan areas like Bengaluru, where consumer spending is on the rise. The ongoing recovery from the pandemic has led to increased footfalls in shopping malls, enhancing demand for retail spaces. By acquiring Vega City Mall, Nexus Select Trust is not only tapping into this burgeoning market but also contributing to the urban ecosystem, fostering economic growth and creating job opportunities within the community.
From a sustainability perspective, the acquisition aligns with contemporary retail trends prioritising eco-friendly practices. Nexus Select Trust has a track record of implementing sustainable initiatives within its properties, including energy-efficient systems and waste management practices. By investing in well-established retail spaces like Vega City Mall, the trust is reinforcing its commitment to sustainability while addressing the growing consumer demand for environmentally responsible shopping experiences. This acquisition represents a significant step forward in Nexus Select Trust’s journey to create vibrant, sustainable retail environments that cater to the evolving preferences of consumers in India.
