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Nexus Select Trust has acquired Diamond Plaza in Kolkata for INR 347.5 crore as part of its strategy to expand its retail real estate portfolio. The transaction, approved by the board of its manager entity, involves the purchase of the asset from Super Diamond Enterprises after a restructuring exercise. The mall has a gross leasable area of around 2,44,000 sq ft. The deal is expected to close in the coming months, adding to the REIT's existing presence across key urban markets in India.
Realty firm Nexus Select Trust has moved forward with the acquisition of a shopping mall in Kolkata for INR 347.5 crore, strengthening its presence in the eastern retail market. The transaction involves Diamond Plaza, a retail asset with a gross leasable area of approximately 2,44,000 sq ft. Advertisement
The board of Nexus Select Mall Management Pvt Ltd, which manages the REIT, has approved the execution of share purchase agreements and related transaction documents required for the acquisition. The asset has been acquired from Super Diamond Enterprises, a partnership firm, following a restructuring process in which non-core businesses were separated from the entity.
The acquisition is part of Nexus Select Trust's ongoing strategy to scale its retail platform by adding operational assets in established urban locations. Diamond Plaza is located in a densely populated catchment area of Kolkata, which has historically supported steady footfall and tenant demand, making it a stable addition to the portfolio.
The company has indicated that the transaction is likely to be completed over the next few months, subject to customary conditions. Once concluded, the acquisition will further diversify the REIT's geographic footprint and strengthen its income-generating asset base.
Nexus Select Trust, India's first listed retail-focused real estate investment trust, already owns and operates a portfolio of shopping malls across major cities including Delhi-NCR, Mumbai, Bengaluru and Hyderabad. The REIT has been focusing on acquiring income-yielding retail assets, while also driving value through active leasing, tenant mix optimisation and asset management initiatives.
In the past, the trust has expanded through a mix of acquisitions and organic growth, targeting consumption-driven micro-markets with strong demographics. The addition of Diamond Plaza aligns with this approach and reflects continued investor interest in stabilised retail real estate assets despite evolving consumption patterns.
Source PTI
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