Blackstone-backed Nexus Select Trust plans to double its assets portfolio to 20 million sq ft in 5 years. CEO Dalip Sehgal stated that the trust can borrow $1 billion or swap units for assets to fund acquisitions. The trust currently owns 17 malls across 14 cities, including Ahmedabad and Amritsar.
Prices of the listed REITs have mostly fallen so far this year, but investment advisors see better prospects for this asset class in 2024 if the government eases occupancy rules in special economic zones (SEZs).
Nexus Select Trust declared distributions of Rs 452.07 crore / Rs 2.98 per unit for the quarter ended September 30, 2023. It achieved net operating income (NOI) of Rs 390.9 crore, a 17% year-on-year growth.
Nexus Select Trust REIT's IPO has received a strong response during the three-day bidding process for the issue, which was overall subscribed 5.45 times.