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
Resources

K Raheja Corp Homes Unites Communities with the ‘WE WILL’ Initiative

K Raheja Corp Homes, the residential business of K Raheja Corp, proudly announces the successful conclusion of the 2nd edition of its ‘WE WILL’ initiative. This initiative, part of the ‘Royalty’ program, saw an overwhelming response from residents, with over 5,000 families participating in the donation drive, the ‘WE WILL’ initiative spanned across key locations including Mumbai, Pune, and Hyderabad –Raheja Vihar in Chandivali, Raheja Vistas Premiere & Raheja Viva in Pune, and Raheja Vistas in Hyderabad. In collaboration with NGOs such as Goonj, OM Creations Trust, and Ashray..

Next Story
Real Estate

Understanding the Indian Real Estate Market: A Guide for First-Time Buyers

The dynamic landscape of the real estate market in India presents a mix of opportunities and hurdles that prospective homebuyers need to navigate with care. For many, buying their first home represents a major life achievement, marking a shift towards greater stability and security. This pivotal moment, often regarded as a significant personal milestone, encapsulates a blend of hope, ambition and the quest for a permanent sanctuary. In this Indian real estate investment guide, we will equip you with crucial knowledge and strategies to make informed choices by thoroughly understanding the curre..

Next Story
Infrastructure Energy

L&T, Clean Core Thorium tie-up to boost global clean energy solutions

Larsen & Toubro (L&T) announced a partnership with the US-based company Clean Core Thorium Energy (CCTE) to deliver global clean energy solutions. This collaboration focuses on enhancing nuclear power deployment, especially in developing nations that need substantial carbon-free electricity for growth. The agreement includes a Memorandum of Understanding (MoU) to utilize CCTE's patented ANEEL (Advanced Nuclear Energy for Enriched Life) fuel, which integrates thorium and high assay low-enriched uranium. This fuel is designed for use in pressurized heavy water reactors, such as CANDU reactors. A..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000