Blackstone-backed retail real estate investment trust (REIT) Nexus Select Trust is seeking to raise INR32bn (鈧�354m) in an initial public offering (IPO) and list on the Bombay Stock Exchange and National Stock Exchange in India.
Nexus Select, which will be the third real estate investment trust, backed by Blackstone, to list in India, will have a $1.9bn (鈧�1.7bn) market capitalisation and expects to start trading on 19 May.
Chris Heady, Blackstone鈥檚 chairman of Asia-Pacific and head of real estate Asia, said the launch of Nexus Select Trust, India鈥檚 first retail-focused REIT 鈥渞eaffirms Blackstone鈥檚 commitment to India, where we have built a strong presence for more than 15 years and participated in the launch of its first two REITs鈥�.
Blackstone floated India鈥檚 first listed trust, Embassy Office Parks REIT, in 2019, and in the following year floated Mindspace Business Parks REIT.
Dalip Sehgal, CEO of Nexus Select Mall Management Private, told 91传媒在线 that Blackstone would hold a 43% stake in the vehicle post-IPO.
He said Blackstone currently has a 60% stake in Nexus malls when it acquired its first asset in 2015.
Sehgal said: 鈥淣exus Select Trust is India鈥檚 largest mall platform and is well-positioned to capitalise on India鈥檚 unique consumption tailwinds.鈥�
The trust will own a portfolio of shopping malls along with two hotels and three office assets. The most valuable property in the portfolio is Select City Walk in the Indian capital, New Delhi. Other malls are located in Mumbai, Chennai, Hyderabad, Pune and Bengaluru.
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