Nexus Select Eyes Expansion in East India via 3 Mall Acquisitions

Nexus Select Trust, India’s first publicly listed retail REIT, is preparing a major expansion drive in eastern India, evaluating three mall acquisitions — a move that may dramatically increase its presence in a region where it currently operates only one asset.

Jayen Naik, President (Operations), said the east remains a priority and the board has cleared due diligence on three shortlisted properties.

While he did not name them, industry sources say one is Diamond City North on Jessore Road, with a deal size expected around Rs. 600 crore.

Key Highlights

• Nexus Select is evaluating three malls for ~Rs. 600 crore to expand in Eastern India
• South City Mall in Kolkata will undergo a Rs. 10+ crore facelift, new digital tools, and rooftop solar by 2026
• The REIT aims to triple its eastern footprint to ~1.5 million sq ft and expand to 30+ malls by 2030

Other prospective locations under review include Patna, Ranchi, and Guwahati, as Nexus seeks to tap growing consumption markets in the east.

Backed by Blackstone, Nexus currently owns 19 malls across 15 cities, with broad coverage in southern, northern, and western India — but limited eastern presence. The planned acquisitions would be a major strategic shift. Meanwhile, South City Mall in Kolkata — currently held by Blackstone and not part of the Nexus portfolio — is being primed for a major upgrade after an ongoing restructuring. The 8–lakh-sq-ft mall, home to 160+ brands, will undergo a renovation over 18 months with capex exceeding Rs. 10 crore, adding new digital features, retail zoning updates and facelift without shutting operations.

Enhancements will include a loyalty programme, a NexusONE app for digital navigation and personalized offers, pink parking for women, dedicated bays for pregnant women, geo-tagged parking assistance, and a 500 kW rooftop solar plant targeted by March 2026.

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With a market cap over Rs. 24,000 crore, Nexus aims to expand its mall portfolio to over 30 malls by 2030. The new acquisitions and upgrades are expected to triple its eastern India presence to nearly 1.5 million sq ft, underscoring one of its strongest expansion moves to date.