Nexus Select Trust Reports 11% Rise in Net Operating Income to Rs 510 Crore
Key Takeaways
- •Nexus Select Trust achieved a net operating income of Rs 510 crore, representing an 11% year-over-year increase, and committed Rs 370 crore in distributions to its unitholders.
- •The Blackstone-sponsored REIT operates 19 shopping malls across key Indian cities and is actively evaluating the purchase of eight additional retail properties.
- •Nexus Select Trust aims to double its mall portfolio by 2030 as part of a broader consolidation strategy in India's organized retail real estate market.
- •The trust became India's first retail-only REIT when it listed on the NSE and BSE in May 2023, diversifying a REIT market previously dominated by office-asset platforms.
- •Nexus owns prominent retail destinations including Select Citywalk in New Delhi, Forum Mall in Bengaluru, and Seawoods Grand Central in Navi Mumbai.
Nexus Select Trust Reports 11% Rise in Net Operating Income to Rs 510 Crore
Nexus Select Trust, India's first and largest retail-focused Real Estate Investment Trust (REIT), has reported an 11% increase in net operating income, bringing the figure to Rs 510 crore. The REIT also announced a distribution of Rs 370 crore to its unit holders.
The trust, sponsored by global investment firm Blackstone, currently holds a portfolio of 19 shopping malls across major Indian cities. It is now exploring the acquisition of eight additional shopping malls as part of its expansion strategy.
Nexus Select Trust has set an ambitious target of doubling its portfolio holdings by 2030. The expansion plan reflects the trust's broader strategy to consolidate high-quality retail real estate assets in India's growing consumption-driven economy, where rising urban incomes and a expanding middle class continue to support organised retail growth.
Nexus Select Trust was listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in May 2023, marking a significant milestone as the country's first REIT focused exclusively on retail properties. Prior to Nexus, India's listed REITs—Embassy Office Parks, Mindspace Business Parks, and Brookfield India Real Estate Trust—were primarily office-asset platforms, making Nexus's debut a broadening of the REIT structure into a new asset class. Its portfolio comprises consumption malls located in key metropolitan areas, including Mumbai, Delhi-NCR, Bengaluru, Hyderabad, and Pune.
The REIT structure allows individual and institutional investors to participate in income-generating commercial real estate, with returns distributed periodically to unit holders. Nexus Select Trust's assets include well-known shopping destinations such as Select Citywalk in New Delhi, Forum Mall in Bengaluru, and Seawoods Grand Central in Navi Mumbai, among others.
The latest financial results and distribution announcement underscore the trust's focus on delivering consistent returns while pursuing portfolio growth in India's retail real estate sector. The planned acquisition of eight additional malls will be a key indicator of how quickly the trust can scale toward its 2030 target, and whether retail-focused REITs can sustain occupancy and rental momentum as competition from e-commerce and evolving consumer preferences reshape the sector.
Source: Economic Times Markets